China's first batch of wealth managers will qualify in November, said sources with China Banking Association.

Personal wealth manager and risk manager certificates will be issued to three million bank workers, Liu Zhangjun, deputy director of CBA, said at the First China Wealth Management Forum in Beijing.

Bank workers will have to pass a test set by the Banking Sector Qualification Certification Committee, which was set up in June.

Jin Yanshi, an economist with Xiangcai Securities, said the banks' development of wealth management services would help absorb excess liquidity.

Wealth management services, which are provided by banks, professional trust companies and brokerages, help those with sizeable assets invest assets according to their own financial goals.

Jin said foreign banks had an advantage in popular wealth management products and, as a result, had a dominant position in the country's fledgling wealth management market.

Source: Xinhua