244 cargo base yields below more than three over the treasure line pressure

macro-level "negative trends" are monetary funds transfer.

21st century business Herald reporter based on Wind data statistics, as of September 30, has been published recently on 7th annual yield (hereinafter referred to as 7th yield) 440 of the Monetary Fund, of which 268 just yields failed to exceed 3%, 2 years ago, average money Fund yield is above 4%.

worth a mention of is, goods base returns rate of fell has became a trend, September mid-and late, respectively has many Yu 236 only and 244 only goods base recently 7 days years of returns rate not over 3%; and into October Hou, the trend or still in continued--as October 7, has announced recently 7th performance of 72 only goods base in the, 56 only of returns rate again appeared fell, and more has 14 only goods base returns fell over 50 a BP. 60% base of domestic income below 3% asset shortage is making monetary funds under more pressure.

Wind data show that as of September 30, only 178 Monetary Fund recently on 7th annual yields of over 3%, over 4% of only 36 of them; in fact, this income has been compared to two years ago, "shortage of money" when the average difference of nearly 150 BP. Just before and after the national day holiday period, base 7th yields showing a declining trend until October 7, has announced the recent performance of the 7th 72 cargo base, 56 yields decline again, while 14 cargo base benefits decline more than 50 BP.

worth a mention of is, also has part currency type Fund of recently returns rate maintained in high level, for example in the thaw fund its two only goods base in September 30 people of 7th returns rate on reached has 16.64% and 16.39%, and in industry people seems, part goods base short-term returns high for accidentally factors, its years of returns eventually still will around policy market interest rate level floating. "Such high yields was short-lived, it is possible to put short-term leverage, the exception occurred or purchase or redemption. "

Huijin is a researcher at the brokerage's fixed-income notes that" after changes in Fund and asset allocation routine, yields will be down ' return '. "In the view of the industry, last year opened at the end of the rate cut cycle and base earnings of domestic financial institutions asset shortage is now the main cause of decline; since November last year, the 1-year time deposit rate has been cut from 3% to 1.75%.

"wide loose funds in the interbank market, but the asset-side lack suitable assets, eventually leading to shortage of assets, while money funds in order to pursue stable and eventually had to sacrifice their income. "A big fund company operations manager in Shanghai. In addition, the phase of a shares slump also prompted the International Monetary Fund earnings decline reason.

"the a-share turnover is limited, many investors shifted money into the currency of the wait-and-see type of Fund. "The foregoing securities researcher believes that" this leads to money-market funds more money, pushing down the market price. "

is in need of attention, stabilisation of a shares are for the currency slump to create transit-just before closing on October 8, Exchange repo interest rates appear aligned litre, overnight rates in the SSE (GC001.SH) in late trading in Latin America reached 400%, interest rate up to 11%.


Shanghai Financial Letter Century Financial Services Company

© All Rights Reserved. E-mail: