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The highest yield of more than 6% Monetary Fund into a new choice of cash management

Edit: Lisa Source: First Financial Daily Date: 2017-06-15


Since the beginning of this year, the yield of the Monetary Fund has been bullish all the way. It has become a common phenomenon that the annualized yield of more than 4% on the seventh and the individual funds even exceed 6%.

"All my idle funds are put in this money fund." An E-commerce fund manager in South China took out the mobile phone and the page is the APP home page of the fund company where the fund is located.

For the past six months, the return on cash assets once exceeded that of bond assets, and the IMF has become a better hedging tool. In particular, some monetary funds have realized the "T + 0" real-time cash withdrawal function, and the return rate is better than the traditional bank demand deposits, making it a new choice for many people's cash management.

Although the risk is low, this does not mean there is no risk to the IMF. At the end of last year, the currency crisis broke out in the IMF shows the importance of the liquidity management of the Fund. Now, from regulators to fund companies attach great importance to the liquidity management of monetary funds, not only the proportion of certificates of deposit certificates of deposit of bank certificates of deposit in the same industry is controlled on the investment target, but also the internal control of fund companies is also strengthening the stress test on the IMF Wait.

  Inflatable cash treasureMonetary fund manager Wang Chao predicts that the future rate of return of the monetary fund will still slowly rise, so from this overall point of view, the monetary fund has a certain appeal.

  Idle funds preferred financial management

  Cash is king.

In this year's financial markets, this sentence is no longer just a slogan. As the domestic bond market is tightened by the tightening of regulatory policies, the overall yield curve is going up. The yield of the IMF is pressing down on the fixed-income bond assets.

Public fund companies are also sparing no effort to promote such products. For example, a fund company's ads: "From now on, individual users can enjoy up to 10 million a day up to cash withdrawal service, the fastest 1 minute will be able to account, 7x24 hours online, year-round!"

There are also public offering is the Internet consignment sales consignment, formed with the same amount of treasure the same riding trend. June 1, Boshi He Hui Monetary Fund formally launched on the platform of the ant gold service, becoming the first on-line ant gold service balance of monetary funds other than the treasure, which is in addition to Tianhong fund remaining treasure, the first only in the treasure in the ant On the line of the Monetary Fund.

Another advantage of Monetary Fund is to enjoy the benefits of holiday financing: To the weekend, for investors, if the Monetary Fund bought before 15:00 on Thursday, can enjoy three days of revenue opportunities; Another example is run into the National Day, etc. Statutory holidays, buy ahead of time you can enjoy as much as seven days of holiday revenue, "people rest, money at work."

Compared with the traditional bank financial management, monetary fund returns higher, Wind statistics show that June 13, the IMF yield continued to rise, the highest 7-year annualized yield close to 6% (on the 12th there is a more than 6%, up 6.105%), 286 money-backed funds on the 7th annualized rate of return of more than 4%, such as Wang Chao-managed cash Bao B, on June 13 the annualized yield is 4.333%.

Judging from the interbank deposits of the major types of funds invested by the Fund, the current one-month, three-month and six-month counterpartiesDeposit interest ratesSince May all basically rose in the state, the currency market interest rates all-round rise, but also led to the rise of the Fund's yield.

"Not only institutions, including individual investors, are very sensitive to the short-term rate of return of the Monetary Fund." We have more than one currency product inside, and as soon as there is a rise in the rate of return, we can see that its subscription has risen sharply. "One in Beijing Fund raised fund manager told First Financial.

In addition, the industry also pointed out that the cash withdrawal of the Monetary Fund is more flexible, not only supports rapid redemption of 7x24 hours, from the investment cost point of view, investors through the fund company to buy currency funds, transfer and transfer out without costs , And usually only 1,000 yuan investment threshold.

 Monetary Fund into a new choice of cash management

There is still some appeal in the future

In Wang Chao's opinion, the yield of the IMF is expected to continue at a high probability, "but the process will be slower."

This year, liquidity tensions persisted in the context of financial deleveraging. Although the central bank closed its base currency gap through open market operations and MLF (medium term loan facilitation) and prevented liquidity from drying up, the monetary policy has remained basically neutral To become a consensus of the market, the funds are hard to say relaxed.

June 6, the central bank to invest 498 billion yuan through the MLF market to maintain the same interest rates last week, a total of 243.3 billion yuan MLF maturity (due to reach 431.3 billion yuan this month); the same time, last week, a total of 470 billion open market Yuan reverse repo maturity, the central bank to carry out a total of 4600 billion reverse repurchase.

Data show that as of June 14 at 11:30, January period Shibor (Shanghai BankbetweenInterbank interest rates) Rose from 4.0477% in mid-May to 4.6828%. March Shibor also rose to 4.7827% from 4.2609% in mid-April, indicating the liquidity in the current banking system is under tight conditions.

From the historical data of 2011 and 2013, monetary funds in the central bank tightening monetary policy are all sought after by the market. "This year more than 4% of the Fund's 7-year annualized return has a comparative advantage, and it is expected that the yield of the Monetary Fund will continue to rise slowly in the future, so as a whole, the Monetary Fund will be attractive this year," said Wang Chao.

"Recently, the rising yield of Monetary Fund has ostensibly caused liquidity tensions and a deeper tightening of monetary policy brought about by financial de-leveraging. In recent years, funds have been self-circulating within the financial system and developing too fast, causing the economy to become somewhat unrealized The regulators started 'deleveraging' after they realized this issue last year, "said Hong Liping, manager of Yinhua Zirli, to CBI.

Hong Li Ping believes that the current central bank through the use of open market operations and MLF to make up for the underlying monetary gap, to prevent liquidity drying up. However, the high initial cost of the funds and short duration, greatly reduced the ability of currency derivatives, capital interest rate volatility. Under the pessimistic expectations of liquidity, all parties adopted a cautious defense strategy.

Analysts also believe that in June, the Fed to raise interest rates and narrow table are also on the schedule. Although this rate hike may not be as good as the spillover effect for China, the banking system will face a new round of MPA (Macroeconomic Prudential Assessment) assessment, which will bring a cyclical impact to the money market and the fund may further tighten . In addition, from the perspective of supply and demand of interbank certificates of deposit, June inter-bank deposit receipts hit a record high. As the "gap in supply and demand" increases, it will also exert some pressure on the fund side, and the proceeds of the IMF will further increase.

"The fund as a revenue portfolio, the allocation of assets have a relative term, although the rate of return is on the rise, but the process of the assets of the fund portfolio to be expired one after another before they can be reconfigured, so the situation of capital tension reflected in the IMF income Rate adjustment will be slower. "Wang Chao also said.

 Attention to liquidity risk management

However, since the IMF belongs to the low-risk investment orientation, its biggest risk comes from the liquidity risk, which puts forward higher requirements and tests on the risk control of fund managers.

Late last year, the bank's cash position was tight, liquidity in the bond market was in a dilemma, and the IMF was redeemed in varying degrees. Rumors of "explosion in positions" resumed.

"After that, not only the regulators and the company's internal controls have attached great importance to liquidity risk management," the Beijing-based fund manager said.

On March 31, the CSRC officially solicited public opinions on the "Provisions on the Management of Open-ended Securities Investment Fund Liquidity Risks (Draft for Comments)" (the "Regulations").

The Regulations set special requirements on money market funds, requiring the size of the monetary fund to be linked with the risk reserve and restricting arbitrarily new monetary funds. Article 29 of the "Provisions" stipulates that "the net asset value of the money market funds managed by the same fund manager using the amortized cost method may not exceed 200 times the balance of the fund manager's risk reserve fund at the end of the month."

"For ordinary investors, investing in the monetary fund and picking up some well-established and large-scale fund companies are relatively secure. Some fund companies have developed rapidly. After the debt market crisis hit the end of last year, they were greatly affected , Then the regulators issued a new regulation, it refers to a fund company to develop the maximum size of the IMF is its risk provisions of 200 times .If there is no problem within 200 times, but for the new fund companies, there is no risk of preparation Gold, if they develop the monetary fund, the protection will be worse. "The above-mentioned Beijing public fund manager said further.

Another regulation is the investment restrictions on the proportion of credit debt. "In terms of proportion, there is a constraint that the percentage of bonds invested in assets is limited to 40%, in the light of the negative deviation from the Monetary Fund that emerged at the end of last year. Some fund companies voted in large amounts at the end of last year, causing negative deviation from control. According to "Provisions", but also to better protect the interests of investors. "The Beijing public fund manager told reporters.

For the time being, liquidity tensions have brought about a rise in the yield of the IMF. At the same time, they also need to guard against the risk of major redemptions. "As usual, there is a high probability of a large redemption risk at the end of the period, mostly when it occurs late to late in the quarter. As the whole tone is tightening now and everyone is expected to be more adequately charged, there will be a relatively tight fund in early June this year The overall redemption may be rhythm ahead of schedule. "Hong Liping said.

"The factors at the end of the quarter can not escape, the overall may still be a net redemption, but the end of the redemption may be slightly lighter than in previous years." The above-mentioned Beijing public fund manager also admits that if the fund company is not deliberately offensive scale , The scale may decline.

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