Yu鈥橢 Bao limits maximum amount
Print Edition
Ant Financial鈥檚 cash management money market fund Yu'E Bao has cut its maximum limit for individual accounts to 100,000 yuan (US$15,012) from the previous 250,000 yuan.
Tianhong Fund Managment Co, which manages the Yu鈥橢 Bao money market fund and in which Ant Financial 鈥 Alibaba鈥檚 financial arm 鈥 has a controlling 51 percent stake, will only allow a maximum of 100,000 yuan in assets for the money market fund investors, according to a statement over the weekend.
Existing assets beyond 100,000 yuan in the Yu鈥橢 Bao accounts will not be affected as the new rule will apply to new money inflows, the company added. The move is to maintain the stable operation of the fund and to protect investors鈥 fundamental interests.
The limit was cut as the Chinese government aimed to curb risks in the financial system. The limit was previously trimmed to 250,000 yuan from 1 million yuan in May.
Yu鈥橢 Bao has become popular since its launch about four years ago as it鈥檚 relatively easy to manage since it鈥檚 directly connected with the investor鈥檚 Alipay account, and the balance in the money market fund can be used to pay for online shopping orders as well as credit card bills.
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