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Was blocked for the Internet age "Managing artifact" the balances already conceal income decline. Since monetary policy since entering the cycle of rate cuts in order to "balance treasure" as the representative of the International Monetary Fund yields began "falling over" during the national day holiday, balance treasure 7th annual yields of 8 consecutive days less than 3%, this is balance treasure yields for the first time since the launch of "breaking 3".
According to fund network data every day, the eve of national day, tianhong 3% PO currency on September 30 for the first time fell below the balance, to 2.999%. The national holiday, 7th annual receipts in balance treasure 3%, minimum had dropped to 2.948%.
This data contrasts with the balance of treasure on the line scenery. Since 2013 balance treasure on the line since its annualized yields have more than 4%, due to money shortage after the 7th annual yields of more than 6% and create 6.76% record.
Glamorous performance balance scale of treasure was also caught the rapid scale up of "express train". Only half a year, AMC held the title for seven years industry leader sat was easily killed by tianhong fund balances via Po, tianhong Fund leader seat no shake.
However, due to stock market hot in the first half, "scrap" into equity products, balance scale of treasure in the second quarter of this year had a "growing pains." According to Bao balance scale the huge net redemptions in the second quarter. As of June 30, balance Po scale was 613.381 billion yuan, representing scale shrank 97.743 billion yuan at the end of the first quarter, decline to 13.74%.
Balance Po Fund Manager Wang dengfeng had reporters on the interface, "treasure huge assets to balance investment, research and risk management brings with it some challenges. On one hand, holds people with diversified expansion demand of the holder on the other, certain pressure on liquidity management; in addition, yields on money funds as a whole show a downward trend, holder can a rational view of lower yields pose a challenge. "
Balance of more than treasure, micro-financing through income has also been "occupied". Micro-financing source for the sale in the paragraph 4 of the International Monetary Fund, 2-year yields below 3% during the national day period. The latest data show, on October 10, 4 IMF 7th annual yields are at the edge of 3%, 3% and 3.2%.
Shares staged slowdown is one reason for the Monetary Fund remain low. By the a-share turnover is limited, many investors from equities into wait-and-see monetary funds, money market funds more money, further depressing market prices.
Future treasure such IMF's earnings Outlook is not optimistic. Widely believed that, under pressure from the economic downturn, monetary policy will remain loose tone, falling income currency Fund will remain the trend. "Bao class" product investment is mainly interbank deposits, accounted for 80%-90%, the remaining debt is interest rates, high levels of credit debt, percentage is very small. With advance of interest rate liberalization and banking on saving deposit interest rate floating living space of the future monetary funds will, to a certain extent suffer squeeze. The 21st century business Herald micro banks GU
This will be a great challenge for Yu Tianhong Fund, while Bao shrunken balance effect, while the equity fund research short Board pressure. If you are relying on balance treasure outshines, and tianhong fund industry leaders of the future will be in jeopardy.
Tianhong Fund is aware of this challenge, the scale expanding of its subsidiaries is becoming a new growth point. Data shows that by the end of 2014, the day reached 164.9 billion yuan in assets, ranking it sixth among all Fund subsidiary, first non-Bank Fund subsidiary. Channel business in subsidiaries and other traditional business falters, the day ban, equity, assets seized in the new investment and asset securitization business for a successful transition.
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