创历史新低！160万亿存款动手？

Core Viewpoint - The yield of money market funds is declining significantly, with major funds experiencing a drop of 30-50 basis points compared to the previous year, indicating a shift in the investment landscape as residents seek higher returns amid low interest rates [1][2][7]. Group 1: Current Yield Trends - As of June 6, 2023, the 7-day annualized yield of Yu'ebao reached a historical low of 1.18%, down from 1.56% a year ago [1][5]. - The top 15 money market funds show a general decline in yields, with most funds experiencing a decrease of 30-50 basis points compared to the previous year [2][5]. Group 2: Market Dynamics and Asset Allocation - The report from Everbright Wealth indicates that the proportion of financial assets in Chinese residents' portfolios has been increasing, reaching 54.6% in 2021 and projected to exceed 100% in 2024, marking a significant shift from non-financial assets [7][9]. - There is a noted trend of residents reallocating deposits towards higher-yielding investments such as stocks and wealth management products, as evidenced by a decrease in RMB deposits in April 2023 [9][11]. Group 3: Future Outlook - The money market fund sector is expected to face challenges as market interest rates decline further, potentially leading to a slowdown in the growth of fund sizes [13]. - The shift towards diversified asset allocation is becoming essential as reliance on deposit interest diminishes, prompting a need for investors to embrace volatility and risk [13][22].