The world’s largest money-market mutual fund, Ant Financial’s Tianhong Yu’E Bao, was at its smallest for two years by the end of last year as Chinese regulators pressured it to downsize over concerns about systemic risk.
The shrinkage is a sign that Ant, the financial services business of Alibaba Group, is shifting away from marketing its own financial products to serving as a platform for other groups to access its huge customer base.
It reflects the impact of recent monetary easing by the People’s Bank of China, which has pushed down money market interest rates, reducing the attractiveness of money market funds compared with other investments.
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