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China’s Giant Money-Market Fund Scraps Investment Caps

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This Chinese fund had 588 million investors at the end of last year, but is now having trouble preventing them from shifting money to higher-yielding rivals

Tianhong Asset Management Co.

, a unit of Jack Ma’s Ant Financial Services Group, said individuals in its flagship Tianhong Yu’e Bao money-market fund will no longer be subject to an investment cap of 100,000 yuan . It first imposed a ceiling on account sizes in May 2017, following a surge in the funds’ assets.

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