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Core Points - Public funds are experiencing a wave of fee reductions, with a significant move from Tianhong Yu'ebao money market fund, which lowered its custody fee from 0.08% to 0.07%, resulting in a comprehensive fee rate decrease from 0.63% to 0.62% [1][5][3] - Over 40 money market funds have reduced fees this year, driven by a backdrop of moderately loose monetary policy and declining seven-day annualized yields [1][5][11] Fee Reduction Details - Tianhong Yu'ebao's fee reduction is part of a broader trend, with other funds like E Fund and Xingsheng Asset Management also announcing fee cuts on the same day [1][10] - The average management fee reduction across 15 money market funds this year is 0.1 percentage points, with some funds like Guolian Cash Adding benefiting from a significant cut of 0.65 percentage points [10][11] Yield Trends - The seven-day annualized yield of Tianhong Yu'ebao has reached a historical low of 1.0200% as of September 22, 2023, marking a continuous decline over the past year [8][6] - The overall average seven-day annualized yield for the market is 1.12%, with 78 funds reporting yields below 1% [13][11] Regulatory Influence - Regulatory guidance is pushing for fee reductions in large-scale index and money market funds, with potential adjustments to sales service fees as well [5][11] - The China Securities Regulatory Commission has proposed a draft regulation that may lower the sales service fee rate for money market funds to 0.15% per year [5][11] Future Outlook - The short-term outlook for money market fund yields is expected to remain low, with limited potential for significant increases or decreases [14] - Current monetary policy is likely to remain moderately loose, reducing the likelihood of tightening liquidity in the near future [14]