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China money market funds expose cracks in banking

Banks, faced with credit crunch, rely on these funds for short-term liquidity

THE explosive growth of an online money market fund launched by the Alibaba Group last summer has exposed the cracks in China's banking system as regulators attempt to wean the country's banks off cheap money. The Yu E Bao fund, now the country's largest with more than 500 billion yuan (S$102.4

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