From the Chinese press

Lessons from Yu'ebao row

A heated online debate has started on Yu'ebao, the personal financial product that has been at the center of a public controversy since its launch last June. Some say Yu'ebao is threatening China's economic security. Let's hope the debate leads to improvements in financial service and supervision, says an article in Yangcheng Evening News. Excerpts:

By saving money on Alipay, an online payment escrow service, and transferring it into their Yu'ebao account, customers may not only get higher interest rates than those offered by traditional banks for current deposits, but can also use the money whenever they need. These two attributes have earned Yu'ebao a lot of users across the country.