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US money funds reduced French debt in Aug: JPMorgan

NEW YORK : US money market funds slashed their holdings of securities issued by French banks on worries over their hig
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JP_MorganNEW YORK: US money market funds slashed their holdings of securities issued by French banks on worries over their high exposure to peripheral European debt, J.P. Morgan analysts said on Friday.

Prime money funds, or money market funds that invest in short-term Treasury and non-Treasury securities, reduced their ownership of commercial paper and certificates of deposits by $47 billion last month.

This amount accounted for 94 percent of the overall decline of prime funds' positions in euro zone bank paper in August, the J.P. Morgan analysts wrote in a research note.

 

Copyright Reuters, 2011

 

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