Securities watchdog to overhaul China MMF rules

China’s securities regulator has proposed expanding money market funds’ (MMFs) investment scope in a bid to encourage innovation. It has also suggested tightening the portfolio requirements of such funds due to the need to improve risk management in the booming market. The huge popularity of online MMFs over the past two years was cited by the watchdog as a key reason behind its proposed regulatory reforms. The China Securities Regulatory Commission (CSRC) issued a consultatio…