Money-market funds provide rare bright spot for China FMCs

Already strong inflows into money market funds in China look likely to increase on the back of regulatory restrictions imposed on rival short-term wealth management products issued by banks. The China Banking Regulatory Commission (CBRC) this month ordered commercial banks to stop selling WM products with a maturity of less than a month to reduce banks’ growing dependence on them as a way of increasing deposit bases. Statistics from CNBene, a Chengdu-based data provider, show th…