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Once-Dominant Ant-led Fund Shrinks as China Imposes Clamps: WSJ

(AF) A money-market fund controlled by Ant Group and once backed by almost half of China’s population, has seen its assets drop to a five-year low since authorities clamped down on it, the Wall Street Journal reported.

The Tianhong Yu’e Bao fund, which means “leftover treasure” and is sold on the Alipay app, now oversees $120 billion, a fifth less than in 2016, according to the report. It once managed $260bn, but authorities imposed investment caps and other clamps on concern its size and rapid growth was a risk to the financial system, the report added.

Mark McCord

Mark McCord is a financial journalist with more than three decades experience writing and editing at global news wires including Bloomberg and AFP, as well as daily newspapers in Hong Kong, Sydney and Melbourne. He has covered some of the biggest breaking news events in recent years including the Enron scandal, the New York terrorist attacks and the Iraq War. He is based in the UK. You can tweet to Mark at @MarkMcC64371550.

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