Core Viewpoint - Recent trends indicate a significant reduction in fees for money market funds driven by both market conditions and regulatory changes, with the average annualized yield approaching 1% [1][2][4] Group 1: Market Trends - Money market fund yields have been declining consistently over the past year, with an average 7-day annualized yield of 1.09% as of September 11, 2023, and 78 funds falling below 1% [2] - The decline in yields is primarily due to pressure on the underlying assets of money market funds, which mainly invest in bank deposits, bonds, and repurchase agreements, as overall market interest rates decrease [2] - As the equity market recovers, some funds are flowing out of money market funds into higher-yielding products, leading to increased interest in "fixed income plus" products [2] Group 2: Fee Reductions - The impact of fund fees on money market fund yields has become more pronounced as yields approach 1%, prompting fund companies to lower fees [3] - For instance, Tianhong's Yu'ebao fund has a current comprehensive annual fee rate of 0.63%, which includes a management fee of 0.3%, a sales service fee of 0.25%, and a custody fee of 0.08% [3] - Several money market funds have already reduced their sales service fees, with some even lowering them to 0% [3] Group 3: Regulatory Influence - The China Securities Regulatory Commission (CSRC) is actively promoting fee reductions, with a draft regulation capping sales service fees for money market funds at 0.15% per year [4] - The CSRC's earlier action plan aimed at promoting high-quality development of public funds also emphasizes the need to lower costs for fund investors [4] - Industry experts believe that the trend of decreasing fees for money market funds is likely to continue, with potential future developments including the transition to "ecological cash hubs" and the integration of AI for product innovation [4]
政策推动+市场驱动 货币基金纷纷降费
Shang Hai Zheng Quan Bao·2025-09-14 20:59