China plans curbs on $1 trillion in money-market funds - BBG

Bloomberg reports the latest headlines citing that China plans curbs on $1 trillion in money-market funds.

Key Details via Bloomberg:

“The limit for same-day redemption will be set at 10,000 yuan ($1,580), said the people, who asked not to be identified as they’re not authorized to speak publicly. The same cap will also apply when investors use their assets in money-market funds directly for payment and consumption, the people said.

The People’s Bank of China and the China Securities Regulatory Commission didn’t respond to faxes seeking comment on the matter Wednesday.”