Retail money market funds see continued, slower growth

China’s retail money market funds are continuing to grow despite falling yields, with assets under management growing more than 13% in the first nine months of the year to RMB2.49 trillion, South China Morning Post reported. Returns for the sector have followed a long downward arc, and on Thursday Alibaba’s Yu E Bao saw yield fall just below 3%, down from a high of 6.76% in January of last year–though still above the 2.25% annual return offered on deposits by China’s big banks. “Investors have become more risk-averse since the stock market crash,” said Li Huang, an associate director on Fitch Ratings’ fund and asset management team in Shanghai.