Raising the reserve ratio is good for monetary funds.

Lowering the reserve requirement ratio is negative for monetary funds.

As Shibor interest rates increase, money fund returns are expected to increase.

Shibor interest rates fall, and money fund returns are expected to decrease.

However, the above will only manifest significantly when there are extreme fluctuations.

If it is just a change in the smile, the monetary fund may not be reflected in the overall increase or decrease in income.