In China, people are paying more and more attention to the safety of their wealth management, according to a report of the Shanghai Securities Journal on Monday.
The report said that many Chinese people have been withdrawing money from risky Peer-to-peer lending (P2P) as well as other private lending platforms while putting them into monetary funds which invest in currency markets such as Alibaba's Yu'ebao and among others.
Xiao Zhang, a victim who suffered from a fraud P2P lending platform last year, said he would not buy P2P products anymore and only buy wealth management products from various banks which guarantees no loss.
Investors' awareness against frauds has been enhanced since illegal P2P lending platforms were cracked down during the past two years. They are becoming more rational on investment than they used to be. At the same time, wealth management products from banks and Monetary funds are getting more popularity nowadays.
Citizen Xiao Liu saved all his spare money in Yu'ebao last year. In his opinion, putting money into Monetary funds like Yu'ebao could earn a lot more than that from banks. What's more, Yuebao is more convenient than banks as customers could use their money saved in Yu'ebao any time they want.