The China Securities Regulatory Commission (CSRC) is set to strengthen oversight of major money market funds, reports Caixin. Major funds are defined as those with over RMB 200 billion ($31.49 billion) in net assets, or with over 50 million investors, according to the rules issued by the CSRC.
The regulator did not name any funds. But currently the only two funds that directly fit the criteria are Tianhong Yu’e Bao, a money market fund managed by Tianhong Asset Management which is 51% controlled by Ant Group, and E Fund Management’s E Fund Money Market Fund.
As of September 30, Tianhong Yu’e Bao had RMB 764.6 billion in assets under management and more than 50 million investors, while E Fund Money Market Fund had RMB 232.2 billion and 31 million investors.