(Yicai Global) Nov. 30 -- The size of China’s publicly offered funds, which has now been on the rise for nine consecutive months, has hit an all-time high of USD1.7 trillion (CNY11.34 trillion) as of the end of October, driven by growth in monetary funds, the Asset Management Association of China said.
The total value increased by USD30.1 billion (CNY198.77 billion) in October compared to September, with offered funds, which monetary funds jumped USD56.1 billion (CNY370.42 billion) on a monthly basis.
Monetary funds have attracted a continuous inflow of funds due to higher yields. Data show that as of the end of October 2017, the total size of monetary funds reached USD1 trillion (CNY6.68 trillion), accounting for nearly 60% of the total size of publicly offered funds.
There were 113 fund management companies in China as of the end of October.