Ant Group's money market fund shrinks in Q1 as regulatory pressure mounts

Ant Group‘s money market fund Yu’e Bao shrank in the first quarter of 2021, according to Tianhong Asset Management Co Ltd, which manages the fund.

The net asset value of Yu’e Bao stood at 972.4 billion yuan ($149.92 billion) at end of the first quarter, according to the fund’s Q1 report on Thursday, down 18.3% from that of 1.19 trillion yuan at end of 2020.

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