China further tightens the screws on money market funds
New rules cap individual redemptions from MMFs at Rmb10,000 as payment companies banned from advancing cash for same-day redemptions.
The Chinese regulator has moved to place curbs on the booming $1.2 trillion money market fund industry, placing new limits on instant redemptions and tightening supervision of fund distribution to stem the risk of what it called ‘systemic instability’.
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