China's wealth management product (WPM) market expanded to 31.3 trillion yuan by May 20, up from April's record 31.1 trillion yuan, as investors shifted from deposits ahead of expected rate cuts, Yicai Global reported Wednesday, citing data from Pystandard.

WMPs that mature in a month or less grew the fastest, rising 800 billion yuan to 5.85 trillion yuan in mid-May, according to the report. They comprise 19% of all WMPs.

Daily open-end WMPs reached 11.3 trillion yuan, comprising 36% of the total, YiCai Global wrote. WMPs with maturities of between one month and one year stood at 9.09 trillion yuan and those with more than one-year maturities reached 4.95 trillion yuan, comprising 29% and 16% of the total, respectively.

(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)