PBOC to raise reserve funds ratio for third-party payment firms to 100% — Caixin — “The two largest third-party payment firms, Alipay and Tenpay, combined hold nearly 1tn yuan (US$151bn) of customers’ funds, about 90% of the total reserve funds… Reserve funds are prepayments from online shoppers held temporarily by payment companies that can then earn income on the cash by depositing it in banks or even buying government bonds… The requirement means payment firms such as Alibaba Group Holding Ltd backed Alipay and Tencent Holdings Ltd’s Tenpay can no longer invest money deposited by their respective clients.”