Balance treasure personal investment cap lowered, for what consideration?

Economy baby money Peng Bo

huxiuwang· 2017-05-27 14:40:18

, generally speaking, financial companies want customers to invest more money into their own companies. However, Celestica Fund recently took the initiative to lower the limit of investment in the upper limit of the balance of treasure, not to allow users to put large sums of money in the balance treasure, which is out of consideration?

down the balance of treasure Celestica fund individual investors investment ceiling

5 Sept. 26 in the afternoon, the Tian Hong foundation announced that, since at 0:00 on May 27th onwards, the maximum amount of individuals holding the balance of treasure to 250 thousand yuan. Announcement also showed that the balance of treasure has been the stock, roll out and other services are not affected.

Celestica Fund said that this adjustment is to make more in line with the balance of treasure as individual petty cash management tool of this position, this adjustment has no effect on the balance of treasure most users, and earlier in the balance of treasure funds placed more than 250 thousand users, this adjustment also does not need to be taken out, can continue to enjoy return.

according to Celestica fund April 22nd release of quarterly reports show that the balance of treasure trust fund size has more than 1 trillion and 140 billion, becoming the world's largest monetary fund.

according to the balance Bao 2016 annual report, the fund holders reached 325 million, of which individual investors accounted for 99.72%, institutional investors 0.28%.

prior to May 15th, according to Peng Bo reported that the central bank the risk prompt in the China, Celestica fund plans to slash the individual investors to invest the balance of treasure money market fund the maximum amount from 1 million yuan now cut more than half. The Celestica fund officially announced a reduction in the upper limit of the amount of investors, a decline beyond the previously reported bloomberg. What's

thinking about?

Celestica fund seems to be a little money do not earn. Why shut out large sums of money? The main considerations are as follows.

reduce the risk of running a

, the most direct consideration is to reduce the difficulty of liquidity management, to prevent the risk of running. The balance of treasure to accept money from investors in the capital side, funds for the implementation of T+0, can be redeemed at any time, on the asset side, linked to the International Monetary Fund, the funds to invest in government bonds, central bank bills, commercial paper, bank deposit, short-term government bonds, corporate bonds, high credit interbank deposits and other short-term securities. The asset side products are often T+1, in the end users can T+0, rely on the funds into a purchase and redemption of funds, funds can be offset, the insufficient part can also be underwritten. Through data analysis, the purchase and redemption behavior can be predicted to a certain extent, so that liquidity management can be carried out more accurately. In the case of net inflow of user funds, liquidity management is relatively easy. When the net outflow of funds, liquidity management is more difficult.

when the amount of investment by a single investor is too large, the difficulty of liquidity management also increases to a certain extent. At present, the average investment per user is 3800 yuan. If an investment amount of millions of investors to redeem, and need to match a large number of buyers of funds to meet their redemption needs. Lowering the upper limit of the investor's investment can reduce the difficulty of liquidity management.

in early 2014, the central bank in the "China financial stability report (2014)" said, there is a money market fund runs the risk of similar deposits should coordinate efforts to strengthen financial supervision to prevent potential systemic risk. The central bank said that its rapid development of deposits diversion, financial market fluctuations and lack of supervision and other issues worthy of close attention. There are potential risks to investors, such as risk, income, lack of payment and payment safety. In the T+0 redemption, silver based rapid transfer support, the baby's class savings greatly enhanced the nature of the bank's short-term savings impact. In addition, the "baby" has run the risk of similar deposits multi-level system of risk prevention and relief mechanism remains to be improved, a large number of redemption may occur in extreme market conditions, the formation of financial markets and other financial institutions impact.

tie lists and reduce capital idling,

prevent the risk of running is considered on the one hand, but it should not be the only reason. Prior to the balance of treasure income levels fell, users have more reasons to redeem, but the balance treasure also did not reduce the investment ceiling. In today's interest rate is getting higher and higher, has reached 4%, increasing the attractiveness of users, but at this time to reduce the investment ceiling. It should be more than just measures to strengthen liquidity management.

balance treasure may also be in line with the macroeconomic management policy, and in step with the regulatory authorities. Since 2017, the central bank and other regulatory authorities have been promoting contraction tables, lowering leverage, recycling excess liquidity in the economy, preventing asset bubbles from expanding and preventing systemic financial risks. One of the important steps in

is to restore liquidity within the banking system. The balance of the final flow of treasure funds, previously mostly bank deposits, and now mainly joint-stock banks and city firms interbank deposit certificate. These banks through the issuance of interbank deposits to enhance debt capacity, and then the funds through the information management, lending and other forms out, in fact, to help small and medium-sized banks to expand the scale.

in addition, it may also reduce the need for funds to run within the financial system. Users invest in the balance of treasure, the balance of treasure funds and then interbank deposits, interbank deposits of funds and then flow to information management and other products

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