(Adds details)
SHANGHAI, Feb 17 (Reuters) - China's central bank
published rules regulating major money market funds late on
Friday, aiming to better supervise and monitor risks while
promoting the smooth and healthy development of fund products.
Money market funds with net assets of more than 200 billion
yuan ($29.08 billion) or counting more than 50 million investors
in 20 consecutive trading days should fall in the scope of the
assessment, the People's Bank of China (PBOC) said in an online
statement.
The PBOC urged fund managers to comprehensively and
prudently assess the impact of such major money market funds on
investors, the broad capital markets and the financial system.
Such funds "must not expand their sizes blindly," the
central bank said in the statement, jointly issued with the
China Securities Regulatory Commission.
Major money market funds with a net asset value of more than
500 billion yuan for 20 straight trading days should make
adjustments to fulfil certain requirements, the PBOC added.
It said that the rules will come into effect on May 16.
Tianhong Yu'e Bao, controlled by Ant Group, an affiliate of
Alibaba Group , is China's biggest money market fund
with 689.3 billion in net assets as of Friday.
($1 = 6.8780 Chinese yuan)
(Reporting by Beijing Newsroom; Editing by Alex Richardson,
Kirsten Donovan)
Messaging: winni.zhou.thomsonreuters.com@reuters.net))
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