Li Mingyang only joined Alibaba's investment platform one month ago but he has already transferred   almost all the cash in his bank account - nearly Rmb200,000 ($32,000) - to the online fund. He is far from alone . More than 30 million people in China have signed up to Yu'E Bao, or "Leftover Treasure", only six months since its launch. Initially as the Chinese e-co mmerce group as a platform for its users to manage extra funds in their online payment accounts, Yu'E Bao is becoming something far more powerful: a straight-up substitute for traditional bank deposits  ."There's no point in keeping money in the bank any more. This is just as reliable, more flexible and you can earn a lot more from it," Mr Li says. A quick hit of the Yu'E Bao application on his phone shows the Shanghai-based editor has earned more interest on his account over the past  day than 94 per cent of other local users ."This is fun, almost like a computer game," he says with a laugh. For every Rmb12 that companies and individuals have deposited in Chinese banks since June, they placed roughly Rmb1 in their Yu'E Bao accounts, according to Financial Times calculations based on official data. While it remains tiny compared with total deposits in the Chinese banking system, this transfer of cash from banks to the Alibaba platform is only speeding up. In the process, it threatens to upend( ) the rules of China's state-protected financial department, break banks' profit model and shifting power to savers in a way that was scarcely imaginable at the start of this year. Other Chinese tech companies are getting in on the act. Tencent, developer of the hugely popular messaging app WeChat, is said to be designing a fund platform similar to Yu'E Bao. Baidu, the search engine company, began marketing investment products in October. "Internet companies, with their ability to instantly reach millions of consumers, have already started to change the competitive dynamic in finance," says Ernan Cui, an analyst with GK Dragonomics, a Beijing-based research firm. If Rmb12,000 is deposited in Chinese banks, then how much money will flow into Yu' E Bao accounts according to the passage?
Rmb 10 Rmb 100 Rmb 1,000 Rmb 10,000