What is the symbol of the opening of the Internet finance era? Then you have to mention AliPay. 20 13 In June, Alipay and Tian Hong Fund jointly launched Yu 'ebao, which opened the Internet finance era in China through the Internet transformation of the Monetary Fund. By the end of June this year, the scale of Yu 'ebao has reached a record10.4 trillion, which is almost equal to China Merchants Bank, the largest joint-stock commercial bank in China, and has become the largest monetary fund in the world.
Recently, however, Ma Yun may not be able to sleep again. After the maximum limit of Yu 'ebao was reduced from 6,543.8+0,000 to 250,000 and then to 6,543.8+0,000, the regulatory authorities finally announced the regulatory policies for money funds such as Yu 'ebao. Today we will talk about the new regulatory era of money funds.
I. Dual-regulated Monetary Funds Recently, five months after the release of the exposure draft, the CSRC officially issued the Regulations on Liquidity Risk Management of Public Offering of Open-ended Securities Investment Funds on September 1 0, and it was officially implemented on June 10. Compared with the previous draft for comments, the official draft has several key points worthy of attention:
First, the new regulations restrict investors in monetary funds, and financial instruments with low credit ratings are greatly restricted.
Secondly, the concept of "systemically important money market fund" is put forward for the first time, and it is indicated that the CSRC and the People's Bank of China will formulate special supervision rules separately.
Third, fund managers should control the scale of money market funds managed by amortized cost method. The total net assets of the money market funds managed by the same fund manager and calculated by the amortized cost method at the end of the month shall not exceed 200 times the balance of the fund manager's risk reserve at the end of the month.
Fourth, as of the implementation date of these Provisions, if the fund manager's risk reserve does not reach "200 times", it is not allowed to initiate the establishment of a new money market fund with amortized cost method and a financial bond fund with a single subscription fund share locked for a fixed period, and the risk reserve ratio will be increased to more than 20% from next month.
According to the requirements of this new policy, not only the supervision is strict, but also higher requirements are put forward for the risk reserve of the monetary fund. With the introduction of the policy, the sword of Damocles, which fell on the head of the Monetary Fund, finally fell, so many media reported that the era of barbaric growth of Internet finance finally ended. It is difficult to judge whether it is barbaric growth. After all, due to the rapid development, all kinds of chaos in internet finance are endless, but we won't talk about internet finance today.
Second, the past life of the IMF.
Speaking of money funds, it is nothing new. As early as the 1970s, there were already money funds. In the 1970s, the American economy was in a stagflation period in which economic recession and inflation prevailed simultaneously. At that time, because the Federal Reserve controlled the deposit interest rate of commercial banks, the deposit interest rate of residents was generally lower than the inflation rate, which made American residents in an extremely entangled state, that is, as long as residents' money existed, banks would be in a state of long-term depreciation.
At the same time, American banks are also facing the dilemma of capital shortage, so in order to attract deposits, banks have adopted large deposit certificates with high interest rates to absorb deposits. However, the threshold of such certificates of deposit is too high, which requires at least several hundred thousand dollars or even millions of dollars to invest, so only a few institutional investors have enough funds to buy them, while most ordinary Americans can only buy poor ordinary deposits or microfinance products with lower interest rates.
At this time, Ruth Bant, a famous American fund analyst, thought through her own research and analysis, why not gather idle funds in everyone's hands through an institution and invest them in those high-interest certificates of deposit? So the famous "savings fund company" was established. The savings fund company bought $300,000 of high-interest fixed deposits and sold them to small investors with $65,438+$0,000 as the investment unit. In this way, small investors enjoy the return on investment that only large enterprises can get, and at the same time have higher cash liquidity, so the first money market fund appeared in history.
Money market funds are very popular in the United States because of their high interest rates, good liquidity and safety. However, due to the complexity of the subscription and redemption of the money fund, it is very popular but has not been specially developed. Until 1974, Fidelity Group of the United States launched the "Fidelity Daily Income Trust" to conduct T+0 transactions. The income can be carried forward day by day and a check can be written. This kind of money fund is almost the same as using cash, and it still has such a high income, so the scale of the fund exceeded 500 million US dollars only seven months after its launch, accounting for a quarter of the assets of retail money funds at that time.
Let's take a closer look. As a relatively mature fund type, money fund has already entered China. However, this is still the problem before. The purchase and redemption of money funds are more complicated, and the threshold for buying money funds is higher. As a result of the superposition of the two, the net asset value of money market funds has been below 300 billion, and it was not until 20 12 that Yu' ebao appeared. Yu 'ebao transformed the Monetary Fund through the Internet, and lowered the subscription threshold of the Monetary Fund to 0.0 1 yuan. In addition, it realizes the T+0 transaction of the money fund by means of advance payment, and combines Alipay's own payment advantages to truly turn the money fund into a domestic "cash-like" payment method. So from 20 13, the domestic money fund entered an era of explosive growth. According to the data of China Fund Industry Association, as of June 30, 20 105669 billion yuan, and the accumulated net assets of 325 money funds accounted for more than 50% of1000 trillion public assets. At the end of 20 14, the size of the money fund was only 2 trillion, while before 20 13, the size of the money fund was only about 1 trillion.
Third, why should the regulatory authorities strictly manage the money fund?
The 5 trillion-scale money fund, 1.4 trillion-scale balance treasure, is extremely rare in the world financial history. With the rapid expansion of the scale, the requirements for capital risk control will gradually increase, because although the money fund is still a relatively safe asset, it is not a bank deposit after all. Once something goes wrong, it is likely to lead to huge systemic risks.
Take the current risk reserve as an example. Before the introduction of the new regulations, the fund's risk reserve was accrued at 65,438+00% of the management fee income, once a month. When the balance at the end of last quarter reaches 65,438+0% of the net asset value of the managed fund, it will not be withdrawn. According to the current internal regulations of the fund industry, the management fee is calculated at 0.33%, and the balance treasure 1 0.4 trillion needs1year. Although this money seems to be a lot, compared with the super-large scale of 1.4 trillion, if there is any big risk event, such a low risk reserve is really not enough.
This is why regulators are so nervous about these high-value money market funds, especially after the financial work conference. Preventing grey rhinoceros has become the theme of most financial supervision. So what is the grey rhinoceros in the fund market? If a large-scale fund has a risk event, it will undoubtedly become a gray rhinoceros that hits everything. Therefore, in the face of such financial risks, it is not surprising to strictly supervise and even control the scale. So everything is back to a unified principle, to prevent financial risks and avoid large-scale risk events.
What about us personally? In fact, it is not a bad thing to reduce the amount of money funds such as Yu 'ebao, because investment science has repeatedly told us not to put eggs in one basket. On the one hand, Ali launched various channels such as Ali Online Banking and Ant Wealth to provide diversified wealth management products. On the other hand, many major commercial banks have realized the "cash-like" structure of money funds. Therefore, everyone's best choice is to spread the funds to different investment channels, so as to achieve the purpose of diversifying risks. The success of Yu 'ebao lies in realizing the realization of high-yield financial management. From this point of view, their historical task has been completed very well, and investors don't need to fix their eyes on a sheep, bonus hunter. From the perspective of diversification of investment and risk, investors can invest in more diversified products, and at the same time realize the investment income, truly reduce the potential risks and realize the preservation and appreciation of wealth.
Viewing Jiang Han, the official account of World WeChat from an economic perspective ID: jianghanwiew