Chinese regulators announced new rules governing money-market funds, stipulating that funds confine investments to money-market instruments such as cash, bank bills, repos and short-term bonds. The rules expressly prohibit investment in stocks, convertible bonds or bonds with a maturity of more than a year. Seven money-market funds have launched since regulators allowed them earlier this year. Mutual funds targeting money-market instruments now account for 10% of assets at China's 40-odd asset management firms. All funds under management, including foreign and domestic firms, now exceed RMB 300 billion, and account for 25% of free-float shares in China's stock markets, according to Reuters.