China's largest money market fund Yu'ebao has scrapped daily purchase and total holding limits for individuals in a move expected to boost investment.

Investors were required to buy no more than 20,000 yuan (about 2,980 U.S. dollars) in one day and hold no more than 100,000 yuan in total. These limits will be eliminated starting from Wednesday, Yu'ebao's manager Tianhong Asset Management announced Tuesday evening.

Yu'ebao was rolled out in 2013 by Tianhong and third-party online payment giant Alipay as an internet fund, which soon became the country's largest monetary fund due to its purchase convenience, low threshold and generally higher return on investment than banking deposits.

Yu'ebao started to introduce investment limits in late 2017 to reduce management pressure. The fund had nearly 600 million investors and managed 1.13 trillion yuan by the end of 2018, shrinking by over 28 percent year on year.