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Technology Stocks : Fintech

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From: Sr K6/18/2020 10:43:51 AM
   of 138
 
6/18/2020

8:01 AM

wsj.com

Ant Financial Services Group’s flagship money-market fund, which has drawn investments from more than a third of China’s population, has seen a significant increase in redemptions over the past month.

Investors Pull Cash From China’s Money-Market Behemoth as Yields Tumble

Beijing’s coronavirus-fighting measures push the yield of Ant Financial’s flagship fund to a record low

HONG KONG—China’s biggest money-market fund is experiencing a pickup in withdrawals following a slide in yields, as people take out more cash to spend and invest in other products with higher returns.

Ant Financial Services Group’sflagship money-market fund, which has drawn investments from more than a third of China’s population, has seen a significant increase in redemptions over the past month, according to people familiar with the matter. One of the world’s largest mutual funds, the seven-year-old Tianhong Yu’e Bao fund had 1.26 trillion yuan ($178 billion) in assets under management at the end of March, the most recent data available.

In early June, the fund’s seven-day annualized yield fell below China’s official one-year bank-deposit rate for the first time since June 2013, according to Wind, a data provider. Tianhong Yu’e Bao’s yield was recently 1.4%, versus the 1.5% benchmark deposit rate.
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