China puts ‘important’ money market funds in the crosshairs as they balloon

Balances at China’s money market funds (MMF) ballooned in the second quarter of 2022, hitting a record RMB11 trillion ($1.6 trillion), to overtake Europe as the world’s second-largest MMF after the United States. China now accounts for about 18% of global MMF assets, after the US (55%) and before Europe (17%). With Chinese MMFs expanding at a five-year compound annual growth rate of about 16% to end-June 2022, total assets under management reached a record RMB11 trillion in May …