BEIJING - Assets managed by China's money market funds have hit a record high as savers' demand for higher returns on investment remains strong, latest data showed.

Money market funds managed over 6.8 trillion yuan (around $1 trillion) of assets by the end of November, up 2.52 trillion yuan from the end of last year, according to the China Banking Association.

These funds accounted for nearly 60 percent of all mutual funds, a record-high proportion, the association said.

China's money market fund sector, already the second largest globally, has ballooned in recent years as people sought to invest their savings in higher-return, but relatively safe, products.

The sector's growth slowed markedly in the past few months after regulators attempted to rein in expansion and avert risks.

Driven by the expansion of money market funds, the overall mutual fund sector saw assets rise 24.6 percent in the first 11 months of the year to 11.41 trillion yuan, according to the association.