According to Caixin , Chinese banks - limited in their ability to lend by China's efforts to rein in inflation - have introduced a dizzying array of "private wealth management" ((PWM)) products aimed at higher-income investors. Alternatively, critics worry that some products, which offer a guarantee fixed rate of return, may leave banks on the hook for serious losses if the funds don't perform as advertised. In the best case scenario, the shift to PWM funding may simply be a backdoor way of deregulating interest rates to reflect real risk and returns in China's domestic capital markets.