A customer service staff member of Huaxia Fund also said, "After (February 9), there is a maximum recycling limit of 250,000 yuan per day. At present, the redemption amount is 3 times a day, and the single payment is 20,000 yuan. "
Yuan Jianming, chief analyst of Beijing Junde Wealth Investment Management Co., Ltd. pointed out that reducing the daily maximum redemption limit while restoring rapid redemption will help ease liquidity pressure. If the fast redemption is cancelled, the customer experience and product attractiveness will be greatly reduced. To some extent, adding an ordinary redemption on the basis of restoring the fast redemption shows that the fund company is trying to find a balance between relieving liquidity pressure and customer experience.
Reduced the limit of quick redemption date.
Yesterday (April 1 day), the WeChat Licaitong redemption operation page showed that the redemption methods were divided into quick redemption and ordinary redemption. Among them, quick redemption is the previous "T+0" mode, and the funds arrive on the same day, and the user does not enjoy the income of the day.
For the redemption limit, it is set to a single limit of 20,000 yuan, three times a day, and the maximum limit of the day is 60,000 yuan. The new general redemption is the "T+ 1" model of the previous money fund. The funds will arrive in the account one day later, unlimited times, and the customer can withdraw them all at once. If the quick redemption reaches the service quota, it will automatically switch to ordinary redemption. Before the quick redemption service quota is restored, users can only use ordinary redemption service.
"One of the biggest reasons why many investors choose wealth management products is the real-time purchase and redemption and strong liquidity. If it is simply the "T+ 1" model, I am afraid that the appeal to investors will be reduced, and the two models provide more choices. " Wang, a financial analyst at Geshang, pointed out.
Niu Wen, a financial analyst in Yinlv.com, pointed out to the reporter of National Business Daily that any money fund with "T+0" redemption function has two redemption methods, one is ordinary redemption and the other is quick redemption. Compared with ordinary redemption, quick redemption will lose a day's income, and ordinary redemption will also have the demand of investors. On the basis of the original quick redemption, Licaitong adds ordinary redemption, which is a perfect application function and lays a functional foundation for other types of funds online.
However, according to Chen Fu, a non-financial industry analyst at Huatai Securities, the daily limit of 60,000 yuan is already a very wide amount, because most investors in balance financing belong to low-end customers.
Niu Wen pointed out that it is uncertain whether the future maximum redemption limit will still be 60,000 yuan. Fund companies will set the upper limit according to their actual situation.
Promote or become a fund company.
Niu Wen told the reporter of National Business Daily that the current "T+0" business of fund companies is not an innovation of fund settlement, but a simple fund allocation behavior. With the expansion of the scale of money funds, if the "T+0" redemption limit of fund companies remains unchanged, it is likely to make fund companies overwhelmed, because fund companies need to prepare enough liquidity to meet the rapid redemption requirements of investors, so fund companies have lowered the redemption limit of "T+0" business.
The reporter learned that because the money fund itself is "T+ 1" liquidation, the daily trading hours and the fund shares redeemed after the market close will not be settled until the next day or even the third day, at least one working day's time difference.
This requires the fund company to pay in advance. The general sources of advance payment are the fund company's own funds and bank credit. The cost of bank credit will be relatively high, generally paying 7% annualized interest, and fund companies are basically losing money; If it is a fund company with a good relationship with the bank, or a fund company with a banking department, this interest rate may be the same as the yield of the goods base, at least to prevent the fund company from losing money. Fund companies face the constraints of insufficient funds when they advance their own funds.
Under normal circumstances, the traditional money fund needs 1: 10, that is, if the goods base scale is 10 billion yuan, the fund company needs to pay 10 billion yuan in advance. The Internet, a specific platform with higher turnover rate, has a greater demand for cargo-based liquidity, and its prepayment ratio needs to be higher. Some insiders estimate that it may need to reach 1:5.
Chen Fu also pointed out that Licaitong currently relies on its own funds, and with the continuous expansion of the size of the monetary fund, the pressure will be very great. The joining of ordinary redemption can be said to be a compromise attitude. On the one hand, it can release the pressure of self-financing and large-scale redemption to a certain extent. On the other hand, these two options are suitable for different user needs.