Caixin Explains: What Is Yu E Bao and Why Is It in the News?

(Beijing) – The Yu E Bao e-investment product has been in the spotlight because of a strong backlash against remarks made by a CCTV commentator, who compared it to a vampire that sucks money out of banks.

Polls show the public supports the e-investment product, quite possibly because it promises quick returns and an annual yield that has so far been above 6 percent. That is more than banks offer for five-year term deposits.