Yu'E Bao cuts maximum personal investment ceiling

Alibaba's four year old Yu'E Bao fund - which in April became the world's biggest money market fund - on Monday cut its maximum holding ceiling for individual investors, in a move analysts said was in preparation for a potential strengthening of rules covering money market funds in China.

Tianhong Fund Management, which manages Yu'E Bao, said in an announcement that the personal investment quota had been cut from 250,000 yuan ($37,488) to 100,000 yuan.

The move, the company said, aims to maintain "stable and healthy operation of the fund and protect investors' fundamental profits".