China's biggest money fund bracing for more liquidity shocks
Beijing
CHINA will face more frequent liquidity shocks this year, according to the manager of the nation's biggest money-market fund, which plans to hold extra cash to protect against the risk of rising redemptions.
The government's efforts to curb risk in the financial system and support the sliding yuan are likely to "over-stretch a rope that's already tight", said Wang Dengfeng, who manages the 800 billion yuan (S$165.7 billion) Yu'EBao fund at Tianhong Asset Management Co.
BT is now on Telegram!
For daily updates on weekdays and specially selected content for the weekend. Subscribe to t.me/BizTimes
International
Saudi Arabia hikes oil selling prices for all grades to Asia
Slowing global economy to mean smaller revenue bump in Australian budget
Emerging-market optimism dashed by Fed as currencies, bonds sink
France’s Macron set to press China’s Xi on trade, Ukraine
Israeli Cabinet votes to shut down Al Jazeera’s local operations
Ukraine eases some wartime capital controls for businesses