A money market fund set up by a Chinese tech company as a repository for leftover cash from online spending has emerged as the world’s biggest, with $165.6bn under management.
Alibaba’s four year old Yu’e Bao fund — the name translates as leftover treasure — has overtaken JPMorgan’s US government money market fund, which has $150bn.
The rapid growth of the fund highlights the pervasive role played by China’s tech groups in people’s lives — and simultaneously in disrupting state-controlled industries such as finance.
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