China money market ETF assets leap fivefold

Money market exchange-traded fund assets grew almost fivefold in the third quarter in China, while equity and balanced mutual funds saw big outflows, as investors heavily de-risked their portfolios. The total AUM of the 10 MM ETFs listed across the Shanghai and Shenzhen exchanges grew to Rmb310 billion ($49 billion) from Rmb65 billion in the three months to the end of September. Investors have been rushing into MM ETFs at “a pace unseen before in the global ETF industry”, said S…