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Alibaba's Yu'e Bao becomes world’s largest


04-30-2017 11:22 BJT

(Source: CGTN)

Alibaba’s money market fund, Yu’e Bao, emerges as the world’s biggest. The e-commerce giant's payments affiliate, Ant Financial, moved into fund management when it spotted the cash growing in its customers’ accounts.

According to the Financial Times, the four-year-old Yu’e Bao fund grew 41 percent in the first quarter, breaking 165 billion U.S. dollars. It surpassed JPMorgan’s U.S. government money market fund, which has 150 billion U.S. dollars, to become the world’s largest.

The growth of Yu'e Bao comes as low interest rates pressure other money market funds. With over 300 million users, the scale allows the fund to offer a better rate of return of nearly 4 percent.

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