87只货币基金收益率跌破1%

Core Viewpoint - The yield of money market funds is rapidly declining, with a significant number of funds now yielding below 1%, indicating a historical low in the market [1][3]. Group 1: Current Yield Trends - As of December 24, 2023, 87 money market funds have seen their seven-day annualized yields drop below 1%, with some funds like Minsheng Jia Yin Cash Growth B and others falling below 0.5% [3]. - Tianhong Yu'ebao, the largest money market fund, has a current yield of 1.04%, having briefly dipped to 1.001% on December 4, 2023 [3][4]. 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, leading to a phenomenon of "asset scarcity" [5]. - The central bank's maintenance of a loose monetary policy has driven down short-term interest rates, affecting the yields of underlying assets such as interbank certificates of deposit and short-term bonds [5]. Group 3: Management Fee Adjustments - Due to insufficient yields, many funds have triggered management fee adjustments, with 134 announcements made in December alone regarding fee changes [7]. - For example, the Guangda Baodexin Sunshine Cash Treasure Fund adjusted its management fee down to 0.25% when its yield fell below a certain threshold, only to revert back to the original rate shortly after [7]. Group 4: Fund Size and Market Dynamics - Despite the declining yields, the total share of money market funds reached 15.05 trillion units by the end of October 2023, showing a growth of over 38 million units compared to September [9]. - Analysts predict that the trend of expanding money market fund sizes will continue into the fourth quarter, supported by the maturity of high-yield fixed deposits and the liquidity advantages of money market funds [9].