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China Sees Big Shift Into Online Finance

The International Business Times says a big financial shift is underway in China. It says people are increasingly depositing extra cash in online investment platforms that allow instant access to their funds with no minimum deposit while offering interest rates much higher than traditional banks. One of those online financial products is Yu'e Bao, a money market fund offered through e-commerce giant Alibaba's third-party payment affiliate, Alipay.com. Launched in June, the...

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