Then, why are the incomes of major funds in Alipay declining one after another? What kind of signal did they reveal to us?
First, the era of loose monetary policy has arrived.
The income of monetary investment is related to the funds in the three markets. The more money in the money market, the less income you can get from investing in money. Therefore, judging from the decline in the income of major funds in Alipay, the current monetary policy is indeed quite loose. Loose monetary policy also depends on the central bank's continuous injection of water into the market. Therefore, when the money fund in the market is relatively abundant, banks no longer need to give high interest rates to the money fund market to obtain reserve funds.
Second, the money market has sufficient funds to support the development of the real economy.
Although the money market is now well funded; However, these funds did not flow into the property market. Even, many capital channels flowing into the property market have been clamped down.
Why are you doing this? This is mainly because of the siphon effect of the property market, which makes almost all industries in the physical industry wither. The siphon of the real estate industry and the high and fast rate of return also make the entity industry unable or unwilling to continue to create, innovate and create profits in a down-to-earth manner. Therefore, in order to encourage and support the development of the real economy, the state has repeatedly lowered the standard to encourage banks to increase lending to the real industry, so that all small and medium-sized enterprises can come back to life through bank loans, or make rapid transformation and flourish.
Therefore, the more funds are available in the money market at present, when these funds do not flow to the property market, it can also show that the country is now vigorously supporting the development of the real economy.
Third, Alipay Fund needs differentiated income.
In the past, Alipay only had Tian Hong as a fund. All the funds are just in and out of this fund channel, and the income that Tian Hong can give back to users will naturally be higher.
However, since Alipay joined several funds and cancelled the subscription ceiling, its scale expanded rapidly and a large amount of funds poured in in a short time. In order to balance the income of major funds, Alipay must also distribute the income equally. Therefore, when the monetary environment is not so good, the income of major funds will fall together.
Fourth, Alipay needs to reduce risks and agency costs.
Previously, when Alipay had only one fund, it was too risky to be named by the central bank. Therefore, in order to reduce risks, Alipay has to introduce policies such as time limit, purchase restriction and quota to balance risks. Later, Alipay differentiated risks by accessing several funds. But the risks are divided, but the consignment cost is high. Therefore, Alipay may need to adjust its previous investment style to ensure the liquidity and stability of funds. In this case, it will also have a certain impact on the income of users.
To sum up, in fact, no matter what causes the continuous decline of Alipay fund income, it is inseparable from the factors of the big environment. As for when the income of Alipay's various funds can rise again, it still depends on the overall environment. Then, under these uncertainties, will you continue to support Alipay?
Perhaps the income of these money funds is declining, but it gives us a good signal. That is, the state does not encourage people to buy a house now, but encourages people to develop in the physical industry. Perhaps the next outlet will also appear in the physical industry. Therefore, deliberately not paying attention to the signals revealed by the physical industry in the next few years, maybe you can capture some opportunities from it.