Chinese chase online fund freedom

Reuters - An absolute explosion, John, of financial online products in China, and this is thanks to the great deposit rates that investors are getting from these products. China is in the grip of a money market mania. These short term funds that invest in very safe assets and that give you your money back almost straight away have really taken the country by storm. Alibaba started off by offering these online products. Tencent has followed and now the banks themselves are also giving people real time access to these funds. Which they treat as being the same as regular bank deposits, except that unlike bank deposits, which give you about 0.35 percent per year return, these give you closer to 5 or 6 percent. So you can understand investors going crazy for these kind of products