87只货币基金收益率跌破1%

Core Viewpoint - The yield of money market funds is rapidly declining, with over 87 funds now having a seven-day annualized yield below 1%, marking a historical low. Even leading products like Tianhong Yu'ebao have seen their yields drop to 1.04% [1][10][11]. Group 1: Current Yield Trends - As of December 24, 2023, 87 money market funds have reported a seven-day annualized yield below 1%, with some products like Minsheng Jia Yin Cash Growth B and others falling below 0.5% [2][10]. - Tianhong Yu'ebao, the largest money market fund, has seen its yield decline to 1.04%, having briefly dipped to 1.001% on December 4, 2023 [11][12]. Group 2: Factors Influencing Yield Decline - The continuous decline in money market fund yields is attributed to a systemic decrease in interest rates and abundant market liquidity. The central bank's loose monetary policy has led to lower short-term rates, affecting the yields of underlying assets like interbank certificates of deposit and short-term bonds [4][13]. - The phenomenon of "asset scarcity" has forced fund managers to shorten portfolio durations and reduce leverage to manage risk exposure, further suppressing yields [4][13]. Group 3: Management Fee Adjustments - Due to insufficient yields, many funds have triggered management fee adjustments, with 134 announcements made in December alone. For instance, the E Fund Cash Treasure Fund adjusted its management fee from 0.90% to 0.25% when yields fell below a certain threshold [6][14]. - The trend of fee reductions has become common in the industry, with Tianhong Yu'ebao recently lowering its management fee for the first time in over a decade [15][16]. Group 4: Fund Size and Market Dynamics - Despite declining yields, the total size of money market funds has not decreased, with a reported total of 15.05 trillion units by the end of October 2023, reflecting an increase of over 38 million units since September [16]. - Analysts predict that the trend of expanding money market fund sizes will continue, supported by the maturity of high-yield fixed deposits and the attractiveness of liquidity advantages in the current market environment [17].