FINANCE

Yield on China’s Largest Money Market Fund Falls Below 0.9%

Published: May. 12, 2026 7:15 p.m. GMT+8

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The seven-day annualized yield on China’s largest money market fund fell below 0.9%, underscoring how the country’s prolonged low-interest-rate environment is eroding returns on cash-management products.

The yield on the Tianhong Yu’e Bao money market fund dropped to 0.89% on May 7. The fund, launched in 2013 and widely used by retail investors, managed about 708 billion yuan ($104 billion) as of the end of March.

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Tianhong Yu’e Bao yield dropped to 0.89% on May 7, managing 708B yuan ($104B) as of end-March.
Peaked >6% in 2014, 1.69T yuan AUM in 2018; industry avg 0.97% early May.
Industry assets grew 16.9% YoY to 15.6T yuan end-March.

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Who’s Who

Tianhong Asset Management: Tianhong Asset Management's Yu’e Bao money market fund, launched in 2013, had a seven-day annualized yield of 0.89% on May 7, managing 708 billion yuan ($104B) as of end-March. It peaked at over 6% yield in 2014 and 1.69T yuan assets in 2018.

AI generated, for reference only