Singles' Day had a total volume of 35 billion yuan ($5.75 billion) and thus a large amount of money passed through Alipay's account. Analysts estimated that Alipay may have also bought the fund using the extra income, which powerfully enlarged the scale of Yu'ebao. Profit purchasing investors tend to choose safe financial management tools. The relatively stable yields of Yu'ebao is favored by most customers, the report said.
Chinese ecommerence giant Alibaba allows consumers to invest their spare cash in the money market funds through its Alipay online payment service. The product, called Yu'ebao, or “Leftovers Treasure”, has netted 130
billion yuan so far, making the fund's management firm, Tianhong Fund, the country's largest fund management company.
Meanwhile, due to the cooperation with Alipay, the management scale of Tianhong monetary fund has doubled from 55.653 billion yuan at the end of September to over 100 billion yuan. During Singles' Day, the frequency of payment of Alipay and Yu'ebao
exceeded 188 million and 16.79 million with total transaction volume at 35 billion yuan and 6 billion yuan.
本文主要介绍了天弘基金是如何成为中国第一大基金的。
5.The fund has been successful so far mainly because ________.
A.it is the country's largest fund
B.it was the first fund in China to cooperate with Yu'ebao
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