2. It is stipulated that no institution may advance the monetary fund redeemed by T+0. This provision will undoubtedly reduce the sources of money fund advances. Therefore, if the money fund wants to ensure high liquidity, it may need to increase the cash holding ratio. However, because cash can not generate income, the more cash surplus, the lower the overall rate of return of the money fund will be.
3. The bigger the fund, the more difficult it is to manage, and at the same time there may be more idle funds left, which may lead to a decline in the income of the money fund. Monetary fund is not only the largest of all funds, but also the fastest growing.
Extended data:
Policy Impact on Monetary Fund: On September 1, China Securities Regulatory Commission issued the Regulations on Liquidity Risk Management of Public Offering of Open-end Securities Investment Funds, in which Chapter 8 put forward special requirements for the liquidity management of Monetary Fund, resulting in three major impacts: the decline in fund yield, the decline in the attractiveness of customized goods base and the decline in scale growth.
Investment risk of money fund: Taking the end of 20 16 as an example, the yield of money fund experienced a process of sharp decline first and then sharp increase. From June 24th165438+1October 24th 65438+February 2nd1,the monetary fund has experienced a low income, with the average and minimum daily income of 10,000 shares continuously at a low level, and the daily income of individual monetary funds even fell below 0.03 yuan for many times.