Chinese banks explore e-yuan for selling investment funds and insurance
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Chinese state-run banks reportedly are looking to expand digital yuan usage to sales of investment funds and insurance
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Ant leapfrogs banks to top China fund sale rankings Reuters 2 hrs ago By Andrew Galbraith and Samuel Shen © Reuters/ALY SONG FILE PHOTO: A sign of Ant Group is seen during the World Internet Conference in Wuzhen (In third paragraph, clarifies amount is outstanding fund value at quarter-end, not sales in the quarter)
By Andrew Galbraith and Samuel Shen
SHANGHAI (Reuters) -Alibaba affiliate Ant Group became China s largest seller of non-money-market mutual funds in the first quarter, industry data showed, disrupting a market dominated by banks despite a regulatory crackdown.
Ant and Alibaba are being targeted by Beijing s anti-monopoly campaign. Regulators have urged Ant to reduce the size of Yu ebao, China s biggest money market fund managed by Ant-controlled mutual fund house Tianhong.
Ant leapfrogs banks to top China fund sale rankings
By Andrew Galbraith and Samuel Shen
Reuters
By Andrew Galbraith and Samuel Shen
SHANGHAI (Reuters) -Alibaba affiliate Ant Group became China s largest seller of non-money-market mutual funds in the first quarter, industry data showed, disrupting a market dominated by banks despite a regulatory crackdown.
Ant and Alibaba are being targeted by Beijing s anti-monopoly campaign. Regulators have urged Ant to reduce the size of Yu ebao, China s biggest money market fund managed by Ant-controlled mutual fund house Tianhong.
Outstanding non-money-market mutual funds sold by Ant s fund sales arm were worth 890.1 billion yuan ($138.23 billion) at the end of the first quarter of 2021, according to data released late Thursday by the Asset Management Association of China (AMAC).