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China’s Yu’e Bao is no longer the globe’s biggest player. Two money market funds managed by JPMorgan and Fidelity have surpassed it. China has recently tightened regulations around investing in these types of funds, which are riskier than traditional savings accounts.

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  • The pace of this fund’s growth was shocking, and ultimately worrisome. There are still plenty of imbalances in China’s financial system, but the moderation and diversification in this particular sector is at least one small step toward maturation.