the overall rate of return of the market is declining, the new regulations of the money fund, and the product positioning.

1. The overall market return rate is declining: the average annualized return rate of money funds is generally less than 4% recently, and the decrease of Yu Libao's income is also part of the market trend.

2. new regulations of the monetary fund: since July 1, 218, the central bank has asked the monetary fund to limit the daily T+ redemption limit by 1, yuan, which has led to some users' redemption, thus reducing the funds invested in areas with higher returns, and further affecting the income.

3. product positioning: yulibao is mainly aimed at businesses and small and micro enterprises, providing large capital turnover, and its quota is more important than flexibility, and its yield is relatively low.