Internet monetary fund baby started melee

Li Jing flaws

In June 2014, after the first anniversary of Yu-Po-on-line, the IMF market has seen explosive growth. But with the regulatory tightening, the rate of return decline, crossroads, "baby" who will go from here?

Banking department joined the melee

The face of "baby" torrent, many banks launched this year, one after another their own products, effective counter-attack. For example, Minsheng Banking Corp. ("Minsheng Bank") leads Ping An Ying with Ping An Ying, treasurer wallets of Societe Generale, Industrial Bank, ICBC Salary Bank, Bank of China Baosteel, including Citibank on-line "Sambo" and so on. Make.

The entry of the bank opened up an interconnected road that subverted the traditional model. In May this year, Minsheng Bank (hereinafter referred to as "Minsheng Direct Bank") formally launched its transcripts in less than three months: as of May 15, Minsheng direct bank accounts opened 350,000, wishful treasure The scale is 13.9 billion yuan. By the end of March, Industrial Bank's direct banks also formally launched on the line of monetary fund products. Industrial Bank Bank of China launched the silver platform, "treasurer wallet" products, the scale in May has exceeded 40 billion yuan, showing strong suction capacity.

Relative to small and medium banks, large banks push "treasure" products seem a lot of low-key. For example, at the beginning of this year, the "Salary Bao" product launched by the Bank of China was only implemented in some branches. When the "Live Treasure" of Bank of China was launched, there was no extensive publicity.

Recently, on the occasion of the seven-year annualized rate of return on baby on the e-commerce department, which has fallen below 5% each year, the bank's "baby" still has a lot of annualized returns on the seven-day index of 5% or above.

Falling earnings trapped

Internet Finance, represented by Yu Bao, stirred the entire financial industry, especially the fund industry. According to the fund industry association statistics, as of the end of May 2014, the size of the Monetary Fund reached 1.92 trillion, compared with 3.92 trillion of the entire raised fund. The Monetary Fund accounted for 48.93% of the total, up from 24.9% at the end of last year.

Since 2014, the growth rate of the IMF has been staggering. By the end of 2013, the overall size of the IMF was only 747.59 billion yuan, a rise of about 1.2 trillion yuan or 157% in the first five months of this year. From the specific data, January to May increased by 205.652 billion, 470.137 billion, 344.13 trillion, 293.764 billion and 168.7 billion.

Under the effect of Yuibao, giants have poured in, such as BTA, Jingdong small treasury, the three major operators have entered the fund companies have begun to seize more of the entrance. However, as the baby's earnings have been falling all the year from this year, the growth of the size of the IMF has also been on a downward trend.

Wind data show that in the fourth quarter of 2013, the 7-day annualized return rate of the IMF baby fund (Monetary Fund that can achieve T + 0) was 4.73%. In 2014, this figure was 5.13%, but dropped to 4.44 in the second quarter %. Statistics show that in the first 5 months of this year, the annualized returns of the 7th fund of the IMF are 5.59%, 5.53%, 4.47%, 4.55% and 4.30%, respectively, showing a clear downward trend.

However, due to the strong ties of the banking department with the baby and the obvious decline of the yield rate, the Internet monetary fund baby started to show signs of weakness. According to the "First Financial Daily", the scale of Yu Bao has seen a decline, the overall growth rate of the Monetary Fund also slowed down, and after the Yuen Po, the industry has not emerged a new bright spot.

Regulatory battle

The dilemmas that babies face are not limited to competition in the market and declining earnings, as well as regulatory "fixtures."

Recently, the market came out of the monetary fund "advance non-penalty interest payments," has been suspended supervision. Earlier, a fund industry told this newspaper, some banks have actually begun to join the agreement in the "early payment penalty" clause.

"On the whole, the reason why the Fund dared to deposit more than 70% of the position of the agreement deposit, the preferential non-friable discount is a basic condition." Huatai Securities reports that if this offer does not, it will make As the IMF becomes a time bomb, the IMF denominated in amortized cost method will become vulnerable. As a result, the IMF will inevitably find other investment targets to replace it. At present, the common rules for the operation of freight bases will also be changed , The cargo-based play will all come back.

In addition to the gradual cancellation of "early payment of non-punitive interest", the baby's regulatory discussions have begun earlier this year. In February this year, the Banking Association proposed that deposits from banks such as Internet Finance Monetary Fund should be included in the general deposit management and should not be used as deposits with other banks to pay deposit reserves as required.

Subsequently, the Central Bank Survey and Statistics Division Sheng Songcheng also wrote two articles, Yu Bao and other investment funds deposited in the Monetary Fund should pay deposit reserve.

In addition to the abolition of impunity interest, deposit reserves, etc., is also the central bank to monitor the baby's means. This also makes the baby's income there are more variables.