A Chinese internet money market fund that launched just nine months ago now has more investors than the country’s equity markets, in a sign of how quickly reforms are reshaping China’s financial services industry.
The total number of investors in Yu’e Bao, an online fund launched by ecommerce giant Alibaba Group in June last year, topped 81m at the end of February, compared with about 77m active equity trading accounts in the whole country at the start of this month.
The explosive growth has propelled Yu’e Bao, which means “leftover treasure”, up the global rankings of the biggest money market funds.
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