The theoretical discussion on the development of money market funds in China began with 1999, and

In practice, the bud began with the establishment of two quasi-monetary funds in 2003.

Stand up. In May 2003, Nanjing Commercial Bank and other 10 commercial banks in Jiangsu Province.

* * * Initiate the establishment of inter-bank bond market fund joint investment projects to operate funds.

The total amount of gold is 380 million yuan, with an annual yield of 3.5%. In July, Nanjing Commercial Bank and Hangzhou

City Commercial Bank, Dalian Commercial Bank, Guiyang Commercial Bank, Wuhan Commercial Bank

Six banks, including Industrial Bank and Shenzhen Commercial Bank, were jointly established.

The joint investment project in the bond market has an operating capital of 800 million yuan and an annual rate of return of.

To 2. 88%.

Money market fund as an innovative tool of China's financial market

This formula was established by three money market funds on June 65438+February 2003 10.

Marked by the approval of the central bank and the CSRC. 65438+February 2003 10 Huaan cash

Fuli Fund, China Merchants Cash Value-added Fund and Boss Cash Income Fund are in trouble.

Difficulties and obstacles were finally approved, of which Huaan Cash Fuli Fund was approved in June 5438+February 2003.

It was formally established on the 30 th, and the other two were established in June 5438 +2004 10, marking

With the official launch of China Money Market Fund, fund companies can set up funds.

Funds seek a safe haven for idle funds in the money market.