Is the annualized yield below 2% of the currency fund?

□ The decline in the yield of currency funds is directly related to the current relatively loose currency environment.

□ In the short term, the yield of the currency market fund will not rise significantly; in the long run, represented by the recovery of infrastructure and real estate -related industrial chains, after the economic stability has emerged as a defined trend, the monetary policy may occur to a certain degree of convergence accordingly By then, the income of the currency market fund will rise.

Recently, the annualized return rate of a variety of currency funds has fallen below 2%, which has attracted attention. According to Wind data, as of June 20, the annualized return on the 7th had a total of 556 currency funds, which accounted for nearly 80%of the market currency funds (718). It is worth mentioning that the Tianhong Yu'ebao Currency Fund, which once had a yield of more than 6%, has declined all the way from the highest rate of 2.175%on January 6 this year, with a yield on June 20 of only 1.619%.

Regarding the reasons for the lower return on currency funds, industry insiders generally stated that the decline in currency fund yields is directly related to the current relatively loose currency environment.

Asset management researcher Yuan Jiwei said that the market liquidity has been relatively loose since this year, which reflects the 7 -day short -term cost of Shibor (Shanghai Banking Interbank Demolition interest rate) continued to decline and is currently at a lower level since 2019. At the same time, the People's Bank of China also guided the cost of funds to decline by reducing LPR and other methods. In this context, the yield of currency funds continued to decline.

Wang Yifeng, chief analyst of the Everbright Securities Financial Industry, believes that the downlink of the return on the currency fund has a lot to do with the current loose capital of the market. Affected by the epidemic, my country's monetary policy maintains a loose liquidity, the currency market interest rate is maintained at a low level, and the short -term repurchase interest rate is significantly lower than the open market operating interest rate. There are abundant funds, the yield of the money market fund's investment assets has also decreased to a certain extent, and the return on the currency market fund to investors has also declined accordingly.

In the case of a low yield of currency funds and a high probability of raising significantly in the short term, investors have begun to seek new choices. Among them, interbank deposit funds are undoubtedly one of the hottest investment targets this year. As of the end of May, the size of the interbank deposit index fund has exceeded 70 billion yuan.

“相比货币基金对组合久期、资产评级有严格的要求，同业存单指数基金的投资限制较少、投资范围更广，组合久期摆布也更加灵活。在货币政策较为宽松的背景下，这Taking into account low retreat and high current, at the same time, it can obtain excess returns higher than currency funds, and then undertake the alternative demand of currency funds. "Wang Zhuoran, the fund manager of the Fixed Investment Department of the Industrial Fund, said.

Looking forward to the trend of the future currency fund, Yuan Jiwei believes that the short -term capital cost at this stage is already at a lower level, and there is not much room for further downward in the future. After the implementation of a series of stable growth policies, with the increase in economic growth momentum and the economy gradually improves, the central bank will properly regulate liquidity level, and market funds will also have a process of returning to normal levels. The situation of rise after hovering ".

"In the current situation of the epidemic that continues to be distributed, the monetary policy is still interested in maintaining a loose state of the liquidity system, which is conducive to the stability of short -term capital prices. Therefore, in the short term, the yield of the currency market fund will not rise sharply; From a long -term perspective, represented by the recovery of infrastructure and real estate -related industrial chains, after the economic stability has emerged as a certain trend, the monetary policy may converge accordingly, and the income of the currency market funds will rise. " Wang Yifeng said that if investors invest in this stage, they must first consider their own risk tolerance. Whether it is investing in the same industry deposit index fund or other fixed income products, we must pay attention to control the risk of net worth fluctuations and credit risks.

- END -