20 April 2019

Bank insider admits Yu E Bao has moved market, CNS says

Alibaba Group Holding Ltd.’s money market fund, Yu E Bao, has already had a big impact on banking, China News Service reported Monday, citing Yu Jiongling, the Zhejiang branch head of Bank of Communications Co. Ltd. (03328.HK, 601328.CN). Yu said Monday that some young people are attracted to the new financial service, which allows them to make deposits or withdrawals daily and receive notifications via text message of rates that are higher than those for banks’ demand deposits. She said Yu E Bao is an example of financial innovation that should be encouraged, the report said.

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