Original title: People's Daily: why does yu'ebao restrict the purchase of "slimming"?
4hw.com.cn since last year, yu'ebao has adjusted the maximum amount held by individual customers several times and limited the total amount of daily subscription. Why is yu'ebao limited to "slimming"?
Yu'ebao's personal trading account holds a total amount of 100000 yuan, which is used by customers every day as soon as it is opened
'don't buy it, don't buy it, it's too much trouble! "A few days ago, Zhongchang, a citizen of Zhenjiang, Jiangsu Province, was cruel and cleared more than 80000 yuan from his yu'ebao account. 'I heard that yu'ebao is limited to purchase, and the limit for each account is about 100000 yuan. For the part exceeding the limit, old users can continue to deposit it, but they can't buy it again. '
Zhong chang is an old user of yu'ebao. After he started work in 2014, he gradually accumulated a sum of savings. Seeing that the yield of yu'ebao is higher than that of current bank deposits, and he can withdraw flexibly at any time, he, like many people around him, invests most of his money in yu'ebao as soon as he gets paid. Seeing that the yield is rising every day, zhong chang feels very good.
However, the process of continuous buying did not last long, and the "purchase restriction" came. Last May, Tianhong Fund Management Co., Ltd., the manager of yu'ebao, adjusted the maximum amount of individual trading account holdings to 250000 yuan. In August, the limit was adjusted from 250000 yuan to 100000 yuan. At the end of last year, the company announced that since December 8 of that year, the total daily subscription amount of individual trading account of Tianhong Yuebao money market fund was adjusted to 20000 yuan, and the total amount held by individual trading account was still 100000 yuan. By the beginning of this year, the "restriction order" added one more: from February 1st to March 15th, the total amount of daily purchase of the balance limit was limited, and it was put on sale at 9 o'clock every day, and it was suspended until the day when the balance of Alipay was automatically transferred to the balance treasure. So far, the purchase restriction continues.
With the continuous "downsizing" of yu'ebao, it is becoming more and more difficult to rush to buy the daily quota. 'when it's 9:00, you have to open the app, otherwise the quota of the day will soon be & lsquo; seconds & rsquo. 'Zhongchang still wants to wait for lunch break to buy some, but every time he opens the app, it shows that the quota of that day has been applied for.
Just when yu'ebao was "hard to find", Zhongchang received more and more advertisements to promote monetary funds, and found that the income of many products was higher than that of yu'ebao. 'I made a comparison. The recent seven day annualized interest rate of yu'ebao is less than 4.2%, while the interest rate of a money fund issued by ICBC is more than 4.4%, which also supports redemption on the same day. "Seeing that it was close to the personal maximum, Zhongchang began to invest in other products, spent 40000 yuan to buy the money fund, and took the remaining 40000 yuan to buy some partial stock hybrid funds and stocks. Take this opportunity to try a new way of investment. '
The balance of treasure 'restricted purchase' also stopped Alipay's balance automatically transferred to the balance of treasure business. In this way, users can enter the balance of Alipay through the transfer of money, also can only manually purchase the balance of treasure, in order to obtain interest income.
'I will also transfer the money that my company reimburses or pays me to yu'ebao. "A financial company in Wuhan, Hubei, which is responsible for the purchase of financial reimbursement and office supplies, said that it had previously opened the function of automatically transferring Alipay balance into the balance treasure, but later did not know that the rules changed. After several days, it was discovered that money had not been transferred into the balance treasure.
When it comes to today's rush buying, permittee sighs: "now you have to rely on luck if you want to invest money in yu'ebao. Compared with other investment and wealth management institutions, yu'ebao platform is large and low-risk. I would still choose to put almost all my deposits in it. But now buying yu'ebao is just like grabbing a ticket. When you click transfer in, you will be prompted with & lsquo; network failure. Please try again later & rsquo;. As a result, you can't buy it later. You can only press & lsquo; transfer in & rsquo; at the beginning of application. You're very tired. '
Redemption methods, investment direction and other factors determine that if the scale of monetary fund is too large, the risk will be more concentrated
Why does yu'ebao set restrictions on "slimming"?
The first is to prevent the liquidity risk of monetary fund itself.
'yu'ebao has adjusted its trading rules several times, mainly to control the scale. Zhao Yao, a special researcher of the payment and settlement research center of the financial institute of the Chinese Academy of Social Sciences, said that this is a change it has made based on its own liquidity control needs. Not only yu'ebao, many 'Baobao' monetary funds can be purchased and redeemed in real time, that is, the so-called't + 0 '. The user initiates withdrawal and arrives at the account immediately.
This trading mode puts forward higher requirements for fund liquidity. 'it depends on the operation mode of the Monetary Fund. Zhao Yao explained that in fact, the trading rule of most traditional monetary funds is't + 1 ', which means one working day. To maintain the liquidity of the't + 0 'monetary fund, in most cases, the fund company needs to maintain it in the form of' advance money '. That is to say, whenever the user needs to redeem immediately, the company actually advances money first. The amount of advance money depends on the size of the fund and also tests the fund company's capital strength.
According to the report disclosed by yu'ebao, as of the end of the third quarter of last year, the scale of yu'ebao was 1.56 trillion yuan, which has become the largest money market fund in the world.
'with the continuous expansion of the scale of yu'ebao, the company needs to pay more funds in advance to ensure the liquidity of the fund. Zhao Yao said that in this way, a certain amount of liquidity risk has been accumulated. In extreme cases, if a large number of users want to withdraw cash from yu'ebao at the same time, the company needs to pay a huge amount of money in advance, which is very difficult. Timely control of fund size and prevention of liquidity risk is the inherent operation demand of monetary fund itself.
The second is to prevent risk diffusion.
'the investment direction of China's monetary funds is relatively concentrated, the investment varieties are relatively single, and more than 50% of the funds are invested in bank deposits. However, in European and American countries, the investment varieties of monetary funds are widely distributed, including treasury bonds, certificates of deposit, commercial bills, treasury bonds, etc. At present, the scale of China's Monetary Fund is more than 6 trillion yuan, most of which are invested in bank deposits. If its liquidity risk is transmitted to the banking system, the risk will be magnified. Zhao Yao said that in terms of supervision, the relevant departments should also let users recognize that yu'ebao and other monetary funds are not bank deposits. Although it is convenient to deposit and withdraw and the income is good, the risk must be higher than bank deposits.
For example, large investors with high net worth may switch to other fund products, but for ordinary users, it has little impact. Yu'ebao will further clarify the customer positioning and return to the long tail customer group. He Fei, a senior researcher at the financial research center of Bank of communications, said that due to the "downsizing" of its scale, its bargaining power with banks and other institutions will also be relatively weakened, and its seven day annualized yield may be slightly affected. At present, the income level of yu'ebao is in the middle of all monetary funds.
Customers who are keen on money funds can invest in different platforms, and money funds are not "zero" risk
How to allocate financial assets and adopt reasonable investment strategies after yu'ebao's "downsizing" quota?
Zeng Ling, who works in a public relations company in Beijing, is a relatively conservative and steady investor. She used to put all her cash in yu'ebao, but now she is a little worried. 'I don't have enough money on hand. If I buy regular financial products, I will be in trouble in case of emergency. If you go to buy stocks, you don't have the knowledge and investment ability in this area, so there are fewer other ways to manage money. Now yu'ebao's limited purchase can only be transferred back to current deposits. 'said Zeng Ling.
Yu'ebao makes people know about Monetary Fund, but monetary fund is not yu'ebao. Hu Lifeng, general manager of Galaxy Securities Fund Research Center, said that as of December 31, 2017, there were 341 money market funds in the public fund industry, with a total net asset value of 6766.151 billion yuan, including four money market funds of Tianhong fund company, with a total net asset value of 1764.941 billion yuan. For ordinary investors, after the yu'ebao limit, they can focus on more than 300 other money market funds. If we prefer money market fund investment, we can diversify investment in different fund companies.
'for investors, due to the unique pricing method, money market funds are generally relatively stable, but they also need to be aware of the possible volatility of money market funds in extreme market situations, and they need to recognize that money market funds have certain risks in extreme situations. "Hu said.
Small probability of monetary fund risk has a lesson. Because the monetary fund can not only pay and consume in China, but also redeem into cash in real time, it is actually a fast-growing shadow bank;. Zhao Yao said that "shadow banking" should not be allowed to develop too much. This is a lesson left to all countries after the 2008 global financial crisis. On the eve of the financial crisis, the size of the U.S. monetary fund has expanded to nearly $4 trillion. However, a small fund loss may lead to a 'run', and the risk is spreading.
According to He Fei's analysis, since the beginning of this year, due to the increase of uncertainty factors such as the escalation of Global trade conflicts, violent fluctuations in financial markets will occur more frequently than in the past. Therefore, the risk of fund products will be higher than normal, so we should pay special attention to it.