Our reporter Li Bing

　　Recently, the yield of "baby" money funds has continued to decline. Taking Yu'e Bao (Huatai Pineapple Currency A), the leading product, as an example, the seven-day annualized yield of the fund has been declining from about 2% at the beginning of the year. As of June 22 Day is only 1.5860%.

　　In fact, not only Yu'e Bao, but also the yield of money funds has generally declined since the beginning of this year.

According to Wind data, as of June 22, 76.8% of money funds in the public fund market had a seven-day annualized rate of return of less than 2%.

　　As for the reason for the continued decline in the yield of monetary funds, many analysts interviewed by the "Securities Daily" reporter believed that this is the result of the combined effect of economic fundamentals and policy.

　　Since the beginning of this year, as one of the main channels for changing money management, the overall performance of "baby money" money funds has been relatively flat, with lower yields.

　　Wind data shows that since the beginning of this year, the arithmetic average of the seven-day annualized rate of return of currency funds has shown a downward trend:

　　The averages from January to March were 2.2293%, 2.0383%, and 2.0451%, respectively, and there has not been a large-scale drop below 2%; while in April and May, they dropped to 1.9779% and 1.7849%, respectively.

　　As of June 22, there were 729 monetary funds under the CSRC's fund classification standards, with an arithmetic average seven-day annualized return of 1.7520% (excluding missing values).

Among them, the seven-day annualized rate of return of 560 monetary funds is less than 2%, accounting for nearly 80%.

In other words, the current monetary fund yield has generally entered the "1 era".

　　In fact, with different sales channels, various types of Internet baby wealth management income performance is also different.

The reporter noticed that the seven-day annualized rate of return of "baby-like" wealth management products issued by most banks remained above 2%.

However, the industry generally believes that it is difficult for the current monetary fund yield to rise sharply in the short term.

　　Regarding the reasons for the decline in the yield of monetary funds, Pan Helin, co-director of the Digital Economy and Financial Innovation Research Center of Zhejiang University International Business School, told the "Securities Daily" reporter: "In order to support the smooth operation of the real economy and help enterprises bail out, the central bank has adopted A moderately loose monetary policy has maintained reasonable and sufficient market liquidity through RRR cuts, LPR interest rate cuts, etc. Against this background, money market interest rates have fallen sharply, driving down monetary fund yields.

　　Huang Dazhi, a researcher at Xingtu Financial Research Institute, also believes that "money funds mainly invest in targets with strong liquidity and high credit rating. Such products are greatly affected by falling interest rates and loose liquidity in the interbank market, resulting in lower yields. ."

　　Dong Ximiao, chief researcher of China Merchants Union Finance and researcher of the think tank of the Asian Financial Cooperation Association, told the "Securities Daily" reporter, "Since this year, in order to increase support for the real economy, under the action of a series of monetary policy 'combination punches', a large amount of funds have been withdrawn. In addition, in order to promote banks to reduce the financing cost of the real economy and guide banks to reduce the interest rate of deposit products, the monetary fund yield has also been affected. It is expected that the monetary fund yield will remain slightly in the short term. Downtrend."

　　For investors with strong demand for spare money financial management, it is necessary to pay attention to taking into account liquidity, security and profitability.

　　Li Wei, research director of the Financial Group of Zero One Think Tank, told the "Securities Daily" reporter that under the guidance of policies to vigorously support the real economy, it is expected that the yield of monetary funds will continue to decline.

For ordinary investors, it is necessary to improve asset allocation capabilities, diversify investment funds, insurance, securities and other products, and continue to optimize investment portfolio methods based on their own risk preferences.

　　Huang Dazhi suggested that investors can choose products that are more balanced in terms of liquidity, safety and yield, such as bank certificate of deposit index funds, short-term debt funds, and transferable large-denomination certificates of deposit.

(Securities Daily)