Yuebao is China's biggest fund with US$ 21.3 billion

Yuebao is China's biggest fund with US$ 21.3 billion

David Nealis President of Ceres Ltd

Yuebao is now China's largest monetary fund with investments exceeding RMB130 billion (US$21.3 billion), an Alibaba official was quoted by the official Global Times. Since it was launched by Alipay in June, Yuebao managed to attract 16 million users to the monetary fund. Yuebao acquired more

than 2.5 million users within 15 days of its debut. More than 57% of them have transferred money from their Alipay accounts into Yuebao via smartphones, according to data released by Alipay. Yuebao's popularity has rocketed mainly due to consumer confidence in its parent company Alibaba, and additionally to its link to the company's online payment platform, Alipay.