多家银行下调存款利率 货币基金收益率全面“破1”或愈发临近

Core Viewpoint - Recent interest rate cuts by several small and medium-sized banks in China have led to a significant decline in deposit rates, with reductions ranging from 15 to 80 basis points, potentially pushing money market fund yields below 1% [1][2] Group 1: Interest Rate Cuts - Over 10 small and medium-sized banks have announced deposit rate cuts since October, primarily affecting fixed-term deposits [1] - The largest reduction in long-term deposit rates reached 80 basis points, while most adjustments were between 15 to 40 basis points [1] - The downward trend in interest rates is expected to continue, impacting the yields of various financial products, including money market funds [1] Group 2: Money Market Fund Performance - Despite declining yields, the total scale of money market funds in China has grown to approximately 14.81 trillion yuan, an increase of 1.2 trillion yuan from the end of last year [2] - The average 7-day annualized yield of money market funds remains higher than that of demand deposits and is comparable to 1-year fixed deposits [2] - The growth in money market fund scale is attributed to their relative advantages in risk-return balance and liquidity management compared to bank deposits [2][3] Group 3: Investment Convenience - Money market funds allow for investments starting from 1 yuan and typically support T+0 or T+1 quick redemptions, catering to investors' immediate liquidity needs [3] - Some money market funds, like Yu'ebao, are integrated into payment scenarios, enhancing user engagement and expanding their user base [3] Group 4: Investor Considerations - For investors with short-term liquidity needs, money market funds provide a favorable balance of risk and convenience, even as yields decline [4] - The current interest rate environment suggests that low rates may persist, leading investors to adjust their yield expectations for idle funds [4]