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Next Monday, Yu’e Bao will be able to deposit up to 100,000 yuan. Which users will be affected?

What attracted attention was that Tianhong Fund issued an announcement last night that starting from 0:00 on August 14, it would adjust the upper limit of Yu'e Bao personal trading account holdings to 100,000 units, and existing stocks will not be affected.

This is another reduction in the limit after Tianhong Fund lowered the maximum limit for individual users of Yu'E Bao to 250,000 yuan on May 27 this year.

Ant Financial: It did not continue to lower the plan. It lowered the user holding quota twice in less than 3 months, which triggered the market's attention to Yu'e Bao.

Will there be further cuts in the future?

In response to this, Ant Financial responded to a reporter from Nandu yesterday that it had no plans to continue to lower the price.

Currently, Yu'e Bao users hold mostly small amounts of funds, with the average amount per household being only a few thousand yuan. A holding limit of 100,000 yuan can meet the cash management needs of most users.

This limit adjustment highlights Yu’e Bao’s positioning as a small-amount, decentralized cash management tool.

To put it simply, after the adjustment, if the user's money in Yu'e Bao is less than 100,000 yuan, he can continue to transfer funds; if it reaches or exceeds 100,000 yuan, he cannot transfer more funds.

Before August 14, if the money in Yu'ebao has exceeded 100,000 yuan, there is no need to transfer it out and you can continue to enjoy the benefits.

At the same time, Yu'e Bao transfers, consumption and income settlement will not be affected in any way.

Guo Tianyong, a professor at the School of Finance at the Central University of Finance and Economics, said that for Yu’e Bao, there is no need to pursue rapid growth in scale. The most important thing is to ensure the healthy and steady development of the entire fund.

After lowering the maximum personal holding limit this time, it is expected that the growth rate of Yu'e Bao will slow down appropriately, which will help them maintain a small and diversified positioning and achieve more stable operation, and will also benefit Tianhong Fund's investment management.

Tianhong Fund: Adjusting the limit has nothing to do with the new currency fund regulations. Interestingly, on August 10, some media reported that regulators were preparing new regulations for money funds. The content of the three new regulations focuses on regulating currency-based investment bank interbank certificates of deposit.

and deposit behavior.

According to Lu Zhengwei, chief economist of Industrial Bank, if monetary funds managed by the same fund manager are required to invest in bank deposits, interbank deposit certificates and financial bonds of the same commercial bank, they must not exceed 10% of the bank's net assets. The deposits of some large funds

Investments in certificates of deposit with other banks will definitely face greater adjustment pressure.

"The new regulations will make the allocation of money funds more stringent, which will inevitably lead to adjustments in the allocation structure of money funds. Allocation pressure will increase, thus affecting their profitability." A person in charge of a fund evaluation center said that the expansion of the scale of the two main investment targets of money funds

, will be limited by the expansion of the net assets of commercial banks.

Data show that as of June 30, the total scale of my country's public fund management reached 10.07 trillion yuan, of which the total scale of monetary funds reached 5.1 trillion yuan.

The scale of Yu’e Bao has reached 1.43 trillion yuan, firmly ranking first.

According to the semi-annual report, 82.95% of Yu’ebao’s fund assets are invested in bank deposits and settlement reserves, with a scale of approximately 1.19 trillion yuan.

According to the 10% rule in Article 3 of the new regulations reported by the media, the bank deposits of all commodity-based investment commercial banks under a public offering and the interbank certificates of deposit and bonds they issue must not exceed 1 trillion yuan.

Obviously, Yu'e Bao does not meet this requirement.

In response to this, Tianhong Fund responded that this adjustment of the limit has nothing to do with the circulated new regulations on commodity funds.

However, Wang Qunhang, deputy general manager of Jian Jinxin and director of the Fund Evaluation Center, believes that due to the small and dispersed investment characteristics of Yu'ebao, which is conducive to liquidity management, coupled with Tianhong Fund's big data advantages, Yu'ebao has liquidity risks.

The probability is lower.

In Wang Qunhang’s view, this quota adjustment affects only a limited group of people.

It is also common for fund companies in the industry to proactively adjust subscription quotas. Moderate adjustments are indeed helpful for fund companies to better operate and manage their products.