为保护基金持有人利益 多只货币基金节前“闭门谢客”

Core Viewpoint - Several money market funds are suspending subscriptions and large purchases ahead of the "May Day" holiday to ensure stable fund operations and protect the interests of existing fund holders [1][2]. Group 1: Fund Management Actions - Huatai-PB Fund Management and other public fund institutions announced the suspension of subscription and conversion services for specific money market funds starting April 29, 2025, with resumption on May 6, 2025 [1]. - Pioneer Fund will suspend subscription and conversion services for its money market fund from April 29 to May 5, 2025, while other services will continue as normal [1]. - China Post's money market fund will halt large purchases exceeding RMB 10,000 for non-individual investors starting April 29, 2025, with a resumption limit of RMB 5 million on May 6, 2025 [1]. Group 2: Reasons for Suspension - Fund managers indicated that suspending subscriptions and large purchases helps maintain fund stability and protects existing investors from dilution of returns due to sudden influxes of capital [2]. - Rapid inflows can lead to challenges in fund management and affect investment strategies, making it necessary to control capital inflow to ensure stable operations [2]. Group 3: Market Trends and Fund Characteristics - Money market funds have shown a growth trend over the past five years, with a total of 371 funds and a combined scale of RMB 13.33 trillion, accounting for 41% of the total public fund scale of RMB 32.22 trillion as of March 2025 [2]. - Money market funds are characterized by low-risk financial instruments, high safety, strong liquidity, stable returns, low investment costs, and low minimum investment thresholds [3]. - They serve as a "safe haven" for funds during market volatility and provide opportunities for idle funds to grow, while also acting as emergency reserves [3]. Group 4: Future Yield Outlook - The chief economist at CITIC Securities predicts that the yields of money market funds will decline due to a general decrease in interest rates, despite their advantages over demand deposits for liquidity-sensitive investors [3].