Chinese financial regulators, specifically the Zhejiang branch of the National Financial Regulatory Administration, have banned domestic banks from offering non-compliant perks like popular Labubu dolls to attract deposits. This measure is implemented amidst fierce competition, falling interest rates, and declining profit margins in the banking sector. The ban follows a promotion by Ping An Bank that offered Labubu dolls for deposits, which gained significant traction but was deemed unsustainable by state media.
China bans banks from luring customers with popular Labubu dolls
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TL;DR: Key points with love ❤️Chinese financial regulators, specifically the Zhejiang branch of the National Financial Regulatory Administration, have banned domestic banks from offering non-compliant perks like popular Labubu dolls to attract deposits. This measure is implemented amidst fierce competition, falling interest rates, and declining profit margins in the banking sector. The ban follows a promotion by Ping An Bank that offered Labubu dolls for deposits, which gained significant traction but was deemed unsustainable by state media.
Trending- 1 2015: Kasing Lung created his 'Monsters' characters for a series of picture books.
- 2 2019: Labubu dolls first came onto the market.
- 3 Last year: Lisa from BlackPink and Rihanna were photographed with Labubu dolls, contributing to their viral popularity.
- 4 Recently: Ping An Bank ran a promotion offering Labubu dolls to new customers.
- 5 June 10, 2025: The Zhejiang branch of China’s financial regulator banned banks from offering such perks.
- Banks are prohibited from offering gifts to customers to attract deposits.
- Potential impact on bank marketing strategies.
- Aims to prevent increased costs and protect bank profit margins.
- Labubu dolls sold out on Chinese e-commerce sites and Pop Mart's official online channels.
What: Chinese financial regulators banned domestic banks from offering non-compliant perks, such as Labubu dolls, to attract deposits. This action is taken due to concerns about rising costs and shrinking profit margins amidst falling interest rates and fierce competition within the banking sector.
When: The new guidance was reported on June 10, 2025. It came after Ping An Bank ran a recent promotion. Labubu dolls first appeared on the market in 2019 and gained significant popularity last year.
Where: China, specifically the Zhejiang province. Ping An Bank's promotion was conducted in several unnamed cities.
Why: The ban aims to prevent banks from increasing their operational costs and further eroding their already record-low profit margins by offering various gifts to attract deposits, a practice driven by intense competition and declining interest rates.
How: The Zhejiang branch of China’s financial regulator, the National Financial Regulatory Administration, issued guidance instructing local banks to cease offering non-compliant perks.