Business & Finance
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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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