1. interest rate factor: money market funds invest in money market instruments, and the adjustment of interest rate has a direct impact on money market instruments, which in turn affects the yield of money market funds. Generally speaking, the yield of money market funds changes in the same direction as the interest rate.

2. Rate factor: In mature capital markets, money market funds are only tools for investors to manage positions and liquidity, and fund fees (management fees; Sales service fee; Taxes, etc. ) is the decisive factor leading to the difference in net income of money market funds.

3. Scale factor: The larger the money market fund is, the higher the income will be. According to the development experience of American money market funds, a single money market fund has an optimal scale, which has scale effect, that is, the larger the scale, the higher the income; Beyond this scale, there will be no scale effect.

4. Liquidity of market funds

Market funds When there is a shortage of funds in the money market and there is a big demand, the income of the money fund will rise. Generally, the end of half a year, the end of the year and the Spring Festival are all periods when money is tight in the money market. At this time, entering the money fund market will get higher returns.

5. Convergence trend of yield.

With the improvement of money market, the expansion of the overall scale of money market funds and the standardization of management laws and regulations, the return rate of money market funds in China will face the trend of convergence and have strong sustainability. Generally speaking, the annualized income should be around 2.6%.

Step 6 combine

The main investment targets of bond supply and demand money funds include short-term bonds. When the demand for a bond increases and the supply decreases, the price of the bond will rise, so the yield of the money fund investing in this bond will also increase.