为什么货币基金收益“破1”是正常现象？

Group 1 - The total scale of money market funds in China exceeded 14.6 trillion yuan by the end of July 2025, while the average 7-day annualized yield of these funds has been declining, currently at only 1.1% as of September 17, 2023 [1] - A significant number of money market funds are experiencing yields below 1.2%, with 251 funds dropping below 1.2%, 182 below 1.1%, and 78 below 1% [1] - The decline in yields is closely linked to the "moderately loose" monetary policy implemented in China, which is expected to continue throughout the year, affecting the yields of underlying assets such as bank deposits and short-term government bonds [1] Group 2 - The phenomenon of money market fund yields dropping below 1% is not unique to China, as developed markets like the US and Eurozone have experienced similar trends during economic downturns and low policy interest rates [2] - In the US, money market funds entered the "sub-1%" era during three distinct periods, coinciding with interest rate cuts in response to economic challenges [2] - Despite the declining yields, the overall scale of domestic money market funds continues to grow, driven by strong demand for low-risk asset allocation and the attractiveness of products like Yu'ebao, which integrate payment and investment functions [2]