U.S. money market assets jump to highest in five months

Assets of U.S. money market funds rose to a five-month high as some investors piled into cash because of global market turmoil stemming from worries about China, the Money Fund Report said on Wednesday.

Money fund assets grew by $20.82 billion to $2.715 trillion in the week ended Aug. 25, the highest total since the week ended March 24, it said.

"The increase suggests that investors are seeking the safety of money-market funds in the wake of a significant drop in U.S. and global stock markets," according to the report, published by iMoneyNet.

Taxable money market fund assets increased by $20.47 billion to $2.467 trillion, while tax-free assets increased by $350.70 million to $247.46 billion,

The iMoneyNet Money Fund Average 7-Day Simple Yield for All Taxable money-market funds was 0.02 percent for the 32nd consecutive week.

The iMoneyNet Money Fund Average 7-Day Simple Yield for All Tax-Free and Municipal money-market funds remained at 0.01 percent for the 121st straight week.