The so-called money market fund means that fund management companies raise funds by selling fund voucher units and invest in those safe and liquid money market instruments in a unified way. The subscription and redemption of money market funds are almost as flexible as demand deposits, and they can be redeemed at any time without any handling fee. Moreover, money market funds are tax-free financial products.
The income of money market funds is settled on a daily and monthly basis, that is to say, the money market fund of 6,543,800 yuan bought this month, after 654.38+ 00 days next month, is actually 6,543,800 yuan plus the interest of 30 days last month, and so on, that is, the cumulative compound interest.
Although money market funds are less risky than stocks and futures, they are not savings or risk-free. However, investors can't expect money market funds to have very good security and liquidity as well as very good profitability. Convertible bonds, but not convertible into stocks during the conversion period.
Compared with foreign similar funds, money market funds can cross the investment fields of money market and securities market, and they also have certain limitations. The narrow investment channels determine that we can't expect too much from money market funds.
Low-risk products can be said to be the most dazzling varieties in the fund market in 2005. Monetary fund is a good choice for low-risk investors, but with the continuous decline of interest rates in the money market, it has returned to its true colors as a cash management tool.
Interest rates in the bond market and money market continued to fall, but money market funds were hurt. This is because the investment varieties of money market funds are limited. The main investments of money market funds are bonds and short-term central bank bills in the money market.
At the same time, the regulatory authorities have imposed stricter restrictions on the investment scope and investment surplus of money market funds, and the annualized rate of return of money market funds has continued to decline. In the second quarter, the average net growth rate of money funds decreased by 16 basis points, and the annualized income of 17 of 24 money funds was less than 2%.
Money market funds are facing the pressure that the downward trend of yield is becoming more and more obvious and the redemption risk is increasing. Seven-day deposit notice: deposit becomes a new short-term financial product.
There are short-term wealth management products in the wealth management products market, but in fact, these short-term wealth management products launched by banks are basically based on the original "seven-day notice deposit" of banks. Seven-day notice deposit is an "old" variety. Notice deposit is a deposit between time deposit and demand deposit.
According to the banker in China, the "seven-day notice deposit" pays interest at the interest rate of 1.62%, which is 2.25 times higher than the current interest rate of 0.72% for ordinary demand deposits. Moreover, it is compound interest, and you can withdraw money 7 days in advance, which is very liquid. "The biggest feature of the 7-day financial plan is that it can automatically cycle financial management. As you use it, you can calculate interest with compound interest. This wealth management product can not only have the liquidity of demand deposits, but also have the wealth management income of 2.25 times the deposit interest rate. " .
Comparatively speaking, all the existing 7-day wealth management products can realize "automatic circulation, take it as you use it", and the yield is "2.25 times of the deposit interest rate". Moreover, this is the 7-day notice deposit rate of commercial banks stipulated by the People's Bank of China, so there is almost no price competition for such products.
The reporter learned that customers can automatically obtain short-term and highly liquid foreign currency 1 day and 7-day wealth management with a higher interest rate than demand deposits by simply applying and informing them of their willingness to use funds. Customers can withdraw money at any time and determine the withdrawal amount.
According to market analysts, short-term wealth management products are also conducive to reasonable and effective arrangement of funds according to their own financial situation and liquidity needs. Short-term financial management can satisfy customers who have more idle funds in local and foreign currencies, whose deposit term is difficult to determine, and who need to pay and transfer money at any time, including investors (speculating in foreign exchange and stocks); Self-employed individuals and businessmen with frequent trade and capital exchanges; Individuals and families with cash have financial needs for large capital expenditure plans in the short term. Short-and medium-term debt funds: the upstart of short-term financial management
Short-and medium-term debt-based King Kong was sought after as soon as it came out. The insiders believe that this new fund is expected to become an "upgraded version" of money market funds, because it combines some advantages of money funds and bond funds.
Short-and medium-term debt funds will not be restricted by money market funds in terms of portfolio term and financing leverage, and the average remaining term of investment products will be longer. The average remaining period of the portfolio of money market funds is less than 180 days, while short-term and medium-term debt funds can invest in fixed-income varieties with a remaining period of less than 3 years (including 3 years), and the investment varieties are more diversified, so the yield is higher and more attractive than that of money market funds.
In addition, short-and medium-term debt funds, like money funds, are exempt from subscription, subscription and redemption fees. The redemption money of short-term debt funds is also drawn from the fund account at T+ 1, and the speed of fund arrival can be comparable to that of money market funds.
Bond funds do not invest in stocks and convertible bonds, but mainly invest in short-term bonds in the inter-bank bond market, and only invest in fixed-income varieties with a remaining maturity of less than three years. It is a pure short-term bond fund.