Monetary Fund Has Landed In The Balance Of Treasure Inside And Outside The Difficulties Can Hardly Be Alone.

According to the understanding of the world clothing and shoe net, the long-awaited "Regulations on the liquidity risk management of publicly offered open-ended securities investment funds" (hereinafter referred to as the "Regulations for management") have landed and their influence has been rapidly fermented in the fund circle.

Among them, the "fund size linked risk reserve" has become the biggest obstacle to the growth of the size of the Monetary Fund. As the monetary fund of the industry, the balance treasure is the first to bear the brunt. Despite the fact that the trading limit of personal accounts has been reduced two times in the early stage, the momentum of the rapid expansion of the balance treasure will still be hindered by policies.

On the other hand, Bo Shi, merchants, Jianxin and other fund companies.

Ant landing wealth, WeChat platform emergency preparation class balance treasure products Zero money Tong.

Trapped in the situation of internal and external difficulties.

Heavy cargo base size Limited

Recently, the SFC convened a training video meeting on the compliance management measures of securities companies and securities investment fund management companies. Li Chao, vice chairman of the SFC Committee and vice chairman, delivered a speech at the meeting. One of the highlights was focused on the recent hot topic of monetary fund liquidity risk, especially the systemic risks behind the IMF, which are too large in size, and should not be underestimated. The risk prevention and control scale has once again become the focus of money market.

Li Chao stressed at the meeting that there are individual monetary funds that are huge and do not need to call names.

In this regard, we should apply not only general liquidity management provisions but also special provisions.

He explained that the small size of the IMF had little impact on the whole industry, but a large scale would be a bit of a loss, and a family could also constitute a systemic risk.

Therefore, we must strictly abide by the requirements for systemically important institutions.

In recent years, the size of the IMF has entered a period of high growth. As of the end of 7, the size of the IMF has reached 5 trillion and 860 billion yuan, which occupies half of the public offering market. Among them, the balance of Tianhong fund has reached the top of the public offering fund with the scale of 1 trillion and 430 billion yuan. The scale of assets has even exceeded the personal deposit balance (including demand and regular) at the end of 2016 in China Merchants Bank. However, with the continuous emergence of extreme market in recent years, the "black swan event" has been frequent. Such a large-scale monetary fund market has brought greater liquidity management pressure to fund managers, and the scale management of Monetary Fund, especially heavyweight products, has been put on the agenda.

Recently, the SFC issued the "regulation" to refer to the liquidity risk of Monetary Fund. One of the most important concerns is that the net asset value of IMF managed by the same fund manager must not exceed 200 times the risk reserve, otherwise it will be charged double or higher risk deposit.

According to this new regulation, at present, the size of the balance treasure should be prepared at least 7 billion 150 million yuan of risk reserve. Since the establishment of the balance treasure, it has collected a total of 7 billion 598 million yuan of management fees. This means that in order to meet the new regulation requirements, Yu Ebao also needs to pay 6 billion 390 million yuan of risk reserve.

In this regard, Celestica fund official said that in the management of Monetary Fund, the company will implement in accordance with the relevant provisions, liquidity management in the most important position.

Ying Fu fund researcher Yang Xiaoqing said that the relevant requirements of the risk provisions in the "management regulations" have restricted the expansion of the size of the Monetary Fund. Especially for the huge fund of balance treasure, the about 7000000000 yuan risk reserve is not too small for the balance of Bora, and the growth of the balance treasure will slow down in the future.

In order to reasonably control the scale, Celestica fund has lowered the maximum trading limit of the balance personal treasure account for two times this year, and the balance of the personal savings account will be adjusted from 1 million yuan to 100 thousand yuan, with a shrinkage of 90%.

The balance of treasure is difficult for a family.

Thanks to Alipay's strong user base, the rapid expansion of the balance of treasure is not easy recently. In addition to the regulatory policy to strengthen the scale control of Monetary Fund, the balance of treasure is in the plight of internal capital diversion and external competition pressure.

When the balance treasure was plagued by the risk reserve, Tencent stepped up the functional test of the new function of the WeChat platform. But at present, it is still in the small scope test stage, not every user can participate in the experience after application.

The zero money function is very similar to the balance treasure. Users can directly use the money in the pocket money for consumption, such as pfer, red envelopes, scan code payment, credit card and so on.

At the same time, when the funds are not used in the zero money pass, they can automatically earn profits. Tencent insiders add that at present, there are 3 currency funds that have been linked to the money exchange fund, namely, Yi Fang Da fund, Yi Nan, E, and cashmere fund.

At the same time, the expectations of the market for the zero money pass are still very high. A large fund company in Beijing, which has a scale of more than ten billion yuan, told reporters that the company had already approached the Tencent, and the results have not been decided yet.

With the birth of another Internet giant platform class treasure product, the status of the balance treasure will be threatened more or less.

In the view of Wang Pengbo, an analyst at Analysys, the change of money will lead to a diversion of users of the balance treasure, especially when the annual yield is very high, which will attract some users.

Yang Xiaoqing also said that Tencent's zero money function is similar to the balance treasure, which can generate revenue and be convenient for consumption. Secondly, the WeChat social function behind the zero money pass is also an important channel to promote the promotion of money exchange; the fund companies of cooperation have sufficient reserves in the risk reserve, and can deal with this new regulation in a calm way.

Therefore, the development space of zero Qian Tong is very large, comparable with the balance treasure.

However, Tencent insiders said that when the initial design was used, the product positioning and development ideas and ideas were different from the balance treasure, and the size of the future pocket money would not be as large as that of the balance treasure.

As the name suggests, zero money Tong is a relatively scattered money in the market. It is located in multi frequency microfinance and will not be matched with the balance of treasure in the future.

In addition to the giant Internet platform competition, the market share of the competition is even bigger. In June of this year, ant wealth gradually introduced other monetary funds, and the diversion effect of the balance treasure also gradually emerged. Flush iFinD data showed that the establishment of less than half a year has increased the volume of the Hui Hui monetary fund from 200 million to 23 billion 928 million.

Return to active management

With the arrival of the new rule of liquidity management, the IMF's scale growth mode has been pressed down the pause button, and the money market has accelerated the shuffling period. Some people in the industry say that the issuance of the "management regulations" aims at preventing systemic risks and maintaining financial stability. The Monetary Fund's high growth era has come to an end, and the yield level will continue to decline in the short term, and the public fund industry will gradually return to the main line of research and development.

Zhao Qing, a senior researcher at Suning Financial Research Institute, said that at the end of the year, at the end of the year, the monetary fund market was faced with the problem of greater redemption pressure.

On the other hand, the scale of cargo base is relatively large at the same time. At the same time, the yield of goods base is relatively high this year, attracting more individual investors, so we need to strengthen liquidity management.

In recent years, with the A share market continuing to slump, the size of the IMF has risen sharply. According to the China Association of fund industry, the total scale of the IMF in June 2015 is only 2 trillion and 410 billion yuan, accounting for 33.9%. With the sharp decline of the stock market, the IMF is gaining a high growth rate. By the middle of 2016, the size of the IMF reached 4 trillion and 200 billion yuan, accounting for more than half of the total, reaching 52.84%.

Since the beginning of this year, the size of the IMF has risen again. As of the end of 6, the size of the IMF has reached 5 trillion and 110 billion yuan. In July, the IMF became the only type of fund with positive growth in the month. In July, the size of the IMF increased by 751 billion 700 million yuan to 5 trillion and 860 billion yuan in July.

Cargo base shuffle balance treasure is harder to be alone

Zhao Qing said frankly, "management regulations" on the one hand restricts the proportion of current assets. It requires that the market value of single goods base investment in liquidity restricted assets should not exceed 10% of the fund's net assets. On the other hand, the rating of investment targets will be required. The proportion of financial instruments issued by financial institutions whose underlying assets are lower than AAA will not exceed 10% of the fund's net value, of which the total proportion of single institutions should not exceed 2%. All these require higher requirements for asset liquidity and asset quality, so the yield of IMF may decline in the short term.

The head of a fund company in Beijing said that the IMF is more like a reservoir. When the stock market is good, the size of the fund will fall accordingly. In the past two years, the stock market has continued to oscillate, and the property market is also limited. The size of the IMF has been rising. I think the intention of the regulation is to control the scale of the monetary fund, strengthen risk management, and guide the public fund industry to return to active management.

"Since the beginning of this year, with the protection of capital, classification, outsourcing and monetary funds being restricted, the way to improve their management scale relying on the so-called" shortcut "is blocked, and the performance of public fund is king. The company also needs to take advantage of its initiative management ability to get investors' recognition and guide the public fund industry to return to the source of investment and management.

Yang Xiaoqing said frankly.

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