First of all, Yu 'ebao's current annualized rate of return is above 4%, far exceeding the bank's one-year fixed deposit rate (1.75%) and exceeding the short-term wealth management products of most banks, which is extremely attractive to funds and the phenomenon of deposits moving is very obvious. This will inevitably affect the ecology of the traditional banking system, so it is not excluded that Yu 'ebao has been "guided" by the competent authorities.

Secondly, Yu 'ebao was originally pocket money for hundreds of millions of people. Because of the high dispersion of customers and relatively low deposits per household, there will be no large-scale centralized redemption (withdrawal) and no risk of bank run. However, with the soaring rate of return, more and more large amounts of funds with preservation and investment needs have entered Yu 'ebao. Although the number of such customers is small, the proportion in the amount is getting higher and higher, and the possibility of large-scale centralized redemption is higher.

At the same time, Yu 'ebao has a huge scale and management risks are increasing. According to relevant data, the scale of Yu 'ebao has exceeded one trillion yuan, and Tian Hong Fund has also jumped from a non-mainstream fund company a few years ago to the largest single fund in the world. The improvement of management level is bound to lag behind the expansion of fund scale, which undoubtedly lays a hidden danger.

Therefore, it is an inevitable choice to lower the ceiling of single-family deposits!

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Ma jihua technology from the media headlines. Scientific author 05-28 09:06

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According to the statement of Tian Hong Fund, the maximum number of individual users has been reduced from 6,543,800+0,000 to 250,000 since 0: 00 on May 27th. That is to say, if a person has more than 250,000 funds before the Yu 'ebao account, these funds can continue to enjoy the benefits in it, but they cannot continue to be transferred out. If it is less than 250,000 before, it will be blocked by the quota after it is transferred to 250,000.

Tian Hong Fund said that this adjustment is to make Yu 'ebao more in line with the positioning as a personal petty cash management tool, and this adjustment has no impact on most users. Because Tian Hong Fund has not announced the number of users over 250,000, we can't confirm the impact. However, according to the data published before as of the end of 20 16, the holders of Yu 'ebao are 324 million, with 99.72% of individual investors holding 2,489 yuan per capita, so most of them are small users.

Although the government has always stressed that this quota adjustment was decided by itself, some people in the market still firmly believe that they have been "guided". Previously, some banks knew to "advocate" risks in public, and hoped that Yu 'ebao would control the quota.

In fact, Yu 'ebao has long been the world's number one monetary fund. According to the data of Yu 'ebao's first quarterly report, the scale of Yu 'ebao's single product reached a record high of 1. 1.4 trillion. According to the annual report data, there are currently 53 funds in Tian Hong, with a scale of 845.5438+08 billion yuan, ranking among the best in Public Offering of Fund. Among them, the scale of Yu 'ebao is 808.3 billion yuan, accounting for 95.6% of the total scale. The scale of fund public offering is 9.2 1 trillion, and the balance treasure fund accounts for 12%.

In the case of shortage of market funds, Yu 'ebao's income has been rising all the way and its scale has been expanding. The money returned to the banking system through Yu 'ebao, but the bank had to provide interest expenses for big customers. Complaints about the banking system have a long history. At the beginning of the launch of Yu 'ebao, there was also a wave of attacks.

However, although the limit of Yu 'ebao is reduced, it will not greatly affect the number of users and the scale of funds of Yu 'ebao. First, these users are relatively stable and belong to idle money. Second, Ant Financial has a sound financial industry layout, and all kinds of products of online merchant banks, online gold clubs and ant wealth will have discounts.

It is reported that Ant Financial will soon be open to all monetary funds. "This time, the opening of the money fund is the channel for ant wealth to open a consignment to more money funds. Instead of adding other money fund products to Yu' ebao. At present, there are more than 100 fund companies cooperating with Ant Wealth. Like other fund companies, Tian Hong Fund is also one of the partners of Ant Wealth. In addition to Yu 'ebao products, Tian Hong Fund and other fund companies also have the same cooperative treatment. "

2065438+March 2, 20071day, Ant Financial announced that it would open its own platform "Fortune" to the fund industry, and set up its own brand area in Ant Wealth with technical support to directly contact and serve users. Ant Financial said that based on the positioning of techfin, Ant Financial will only do tech in the future and support financial institutions to do fin. It is revealed that in the first half of 20 17, more financial services of Ant Financial will be opened to financial institutions. According to the plan, Ant Wealth will be officially launched in June 2065438+2007. The first batch of pilot institutions will include fund companies such as Bosera, Xingquan, Tian Hong, Nanfang and Jianxin, and will be open to all fund companies in the future.

We can see that the interest rate in the whole market is rising, and big customers have gained higher and higher returns through various investments, but the central bank insists on not raising interest rates. Ordinary people can only get an annualized income of 1.7%, which is only one third of Yu 'ebao's, not to mention other high-yield regular wealth management products. Under such circumstances, it is unrealistic to let ordinary people's money flow directly back to the bank. Even if the wealth management products of the banking department take the opportunity to counterattack, they will not have greater benefits because of the convenience of channels and use.

However, Ma Jihua, founder of Darrouy Consulting, believes that limiting the investment ceiling of Yu 'ebao will hinder the advanced innovation system of Internet finance initiated by "Monetary Fund" as a "demand deposit", and the subsequent impact remains to be seen.

For those users of Yu 'ebao who have exceeded the limit of 250,000, one is to continue to put funds in it to collect income, and the other is to find other financial platforms, such as other funds in Ant Wealth and other financial products related to Alipay. We should believe that innovation will not stop, as long as the people have demand, no obstacle can stop it.