China money market fund becomes world's largest

|By:, SA News Editor

A Chinese money market fund set up as a repository for leftover cash from online spending has emerged as the world's biggest, with $165.6B under management.

Alibaba's (NYSE:BABA) four year old Yu'e Bao fund - which means leftover treasure - has overtaken JPMorgan's U.S. Government Money Market Fund (MUTF:MJGXX), which has $150B. Yu'e Bao pays 3.93%.