China won't ban Yu'ebao: PBOC governor   

Zhou Xiaochuan, governor of the People's Bank of China is answering questions from reporters on the sidelines of a panel discussion of the Chinese People's Political Consultative Conference (CPPCC)on Tuesday.(photo source: icpress.cn)

(ECNS)-- China will not ban Yu'ebao, an Internet finance product that allows Alipay users to conveniently transfer their balance into a mutual fund account for the interest, but will improve regulations on it, said the governor of the People's Bank of China on Tuesday.[Special coverage]

Zhou Xiaochuan made the remarks at a panel discussion of the Chinese People's Political Consultative Conference (CPPCC).

An improved and full-fledged supervisory policy will be introduced to regulate the emerging industry, Zhou added.

The recent fluctuation of exchange rate is normal, Zhou said.

Allowing users to channel their money to money market funds with high returns and almost zero threshold, Yu'ebao has attracted 81 million users, with aggregate deposits estimated at around 500 billion yuan ($81 billion).