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Chinese Use Mobile Apps to Move Savings Into Money-Market Funds

Chinese savers use mobile apps to shift into money-market funds

Rebecca Ning can improve the yield on her savings by tapping her phone. Using Alipay, an Internet payment system, she pokes a silver icon on her screen to transfer money from her bank account in Beijing to a money-market mutual fund via a service called Yu’E Bao. She earned 430 yuan ($71) in interest on 30,000 yuan in a little less than three months last year. Had she left the money in her checking account earning 0.35 percent, her take would have been 26 yuan. “I put any spare cash I have into Yu’E Bao,” says Ning, 24, a graduate student in finance at Hong Kong Baptist University. “I’m basically losing money if I leave it as a bank deposit, as it’s depreciating in value every day.”