BEIJING, Dec 7 (Reuters) - Ant Financial’s money market fund will cap the daily amount users can invest at 20,000 yuan ($3,023) from Friday, said Tianhong Asset Management Co Ltd, which manages the fund.
Ant Financial is the payment affiliate of Alibaba Group Holding Ltd.
The decision to impose a daily cap comes six months after Tianhong set a total investment cap of 250,000 yuan per person for the fund, amid heightening regulation of online lenders.
Set up in 2013, Yu’e Bao is one of the biggest money market funds in the world. ($1 = 6.6152 Chinese yuan renminbi) (Reporting by Cate Cadell; Editing by Susan Fenton)