资金涌进香港市场！港元货币基金近一月收益率跌破0.2%，还能买吗？

Core Viewpoint - The recent significant decline in Hong Kong dollar money market fund yields has caused distress among cross-border investors, as the offshore Renminbi Hong Kong Interbank Offered Rate (HIBOR) plummeted from 4.5% at the end of April to 0.0185% by June 16 [2][4]. Group 1: Market Dynamics - Since May, the HIBOR has experienced a drastic drop, leading to a liquidity surge in the Hong Kong dollar market [2][5]. - The Hong Kong Monetary Authority (HKMA) intervened by injecting a total of 1,294.02 billion HKD into the market from May 2 to May 5, significantly higher than the maximum of 30 billion HKD during the pandemic in 2020 [5]. - The influx of mainland capital into Hong Kong's stock market has increased the demand for Hong Kong dollars, further exerting upward pressure on the currency [5]. Group 2: Fund Performance - There are currently 174 Hong Kong dollar money market funds, with four funds exceeding 20 billion RMB in size as of the end of the first quarter [2][3]. - The net inflows for the top four funds in the first quarter were 182.72 billion, 170.9 billion, 123.17 billion, and 68.42 billion RMB, respectively [3]. - Recent returns for several Hong Kong dollar money market funds have dropped to between 0.1% and 0.2% [3]. Group 3: Investment Implications - Hong Kong dollar money market funds are characterized by strong liquidity, low risk, and relatively stable returns, making them suitable for short-term fund management [6]. - These funds can serve as an indirect tool for foreign exchange asset allocation, providing diversification benefits during periods of Renminbi and US dollar exchange rate fluctuations [6]. - Investors should consider the impact of the Hong Kong dollar to Renminbi exchange rate changes on actual returns and the volatility of market interest rates when allocating assets [6].