BEIJING - Assets managed by China's mutual funds increased by 359 billion yuan (about $54 billion) last month to 8 trillion yuan.

The amount remained below the record level of 8.4 trillion yuan set at the end of December, according to the Asset Management Association of China.

The May increase was attributed to 293 billion yuan invested in money market funds.

The safer bond funds also grew by 44.3 billion yuan, while riskier stock funds shrank by 527 million yuan as the equity market is still vulnerable and volatile.