Alibaba’s Yu’e Bao announced on May 14th that the monetary fund is going to lower its daily T+0 (same day) withdrawal limit (in Chinese) from RMB 50,000 ($7,882) to RMB 10,000 since June 6. This means that depositors who want to transfer money to their bank accounts can only receive up to RMB 10,000 worth of assets on the same day.

The T+1 (day after) withdrawal and payment terms will not be affected, the announcement added. Yu’e Bao’s same day withdrawal service is a value-added service that allows users to cash in their assets quickly. A representative from the fund told local media that the current adjustment only affects the speed of cashing in. There is no minimum withdrawal amount, and customers still can withdraw their cash anytime.

The adjustment is a joint decision of the three fund companies on the platform, “It reflects Yu’e Bao’s operation rule, which is small sum and decentralized asset management,” a representative from the company told local media. Yu’e Bao’s average asset amount is around RMB 3,000, so most of the users won’t be affected, the report pointed out.

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Emma Lee

Emma Lee is Shanghai-based tech writer, covering startups and tech happenings in China and Asia in general. We are looking for stories related to tech and China. Reach her at lixin@technode.com.