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BOC sells similar Yu鈥檈bao fund
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Bank of China joined other Chinese banks by launching high-yield monetary funds that can be redeemed immediately as it also tries to recapture retail customers and deposits that were attracted by personal financial products sold by Internet companies.
BOC Investment Management Co, the Bank of China’s joint-venture fund management company, launched a mutual fund that invests in the money market last week. The product can be bought on BOC’s online banking platform. Its returns will be automatically used to buy extra shares in the fund daily. Additionally shares in the fund can be redeemed anytime and cash payment will be credited instantly in the customer’s bank account.
The features are similar to Alipay’s small-sum financial product Yu’ebao, which sold like hot cakes after it was launched in June last year.
The average annual return of the BOC fund in the past seven days was 6.1 percent, while Yu’ebao’s was 6.2 percent yesterday. The BOC fund’s assets hit 300 million yuan in a week.
The money market fund sold on Alipay’s platform reached 10 billion yuan (US$1.6 billion) in assets in a month and by last month it achieved 250 billion yuan, accounting for 26 percent of the aggregate assets of monetary funds on the mainland, according to the Asset Management Association of China.
The Industrial and Commercial Bank of China, the Bank of Communications, and Ping An Bank have also started to sell similar funds last year following Yu’ebao’s success.
But Wang Xiaozhuo, a BOC official, said last week that online financial products like Yu’ebao lured money by offering high interest and this may impact the real economy.
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