Yu'ebao: A Brief History of the Chinese Internet Financing Upstart

A recent report published by Yangzhou Evening News, a city newspaper, carries a quote that can be easily ignored for its brevity. The one paragraph article quotes a Chinese central banker, unnamed, as saying that Yu’ebao and its likes should be required to maintain reserves. Such sentiment echoes an already widely expressed view that the money market funds, especially the large ones, have been functioning no different than banks yet are spared of the rigorous scrutiny that banks are subjected ...