The most recent concerns were sparked by news one of the country's high-yield trust investments appears set for what could be the first default on a principal repayment.
While China's homegrown stock market investors have felt the sting of losses, the trust products, which generally have high minimum investments and target richer investors, are widely perceived as coming with a guarantee from state-run banks.
The 3 billion yuan, or around $496 million, trust, which has the unwieldy moniker "2010 China Credit / Credit Equals Gold #1 Collective Trust Product," used its funds to make a loan to unlisted coal company Shanxi Zhenfu Energy Group, which has since collapsed. ICBC, which helped to market the product, has said it won't step in to repay investors.
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There is an assumption that all of these trust products are vulnerable to default, but most will not, Maldonado said. "Those that are are going to have some recovery value. It's not like these things will be worth zero," he said. "Any impairment could be dealt with by the economy."
While the amounts involved sound large, they only account for about 10 percent of the overall banking system, he noted.
Maldonado believes that in the longer run, "it's a very good signal to send to investors that these are not guaranteed products that the banks are standing behind. That there is risk when they're investing in these kinds of products."
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It is a view echoed by Jiang Jianqing, chairman of ICBC, the world's largest bank by assets. If customers buy wealth management products or other products they must see clearly the risks, Jiang told CNBC.