Tech Upstarts Paying 17 Times Interest Upset China Banks

via Bloomberg A screenshot of Alipays investing platform, YuE Bao, which means leftover treasure is seen in this handout photograph taken in Hong Kong on Dec. 5, 2013. Market Forces The money is being siphoned out of Chinas state-controlled banks, which pay 0.35 percent annual interest on checking accounts , one-seventeenth of the 6 percent Ning earned by investing in a mutual fund paying market-based rates. For the original version including any supplementary images or video, visit http://www.bloomberg.com/news/2014-01-13/tech-upstarts-paying-17-times-interest-upset-china-banks.html