货币市场基金

中国货币市场基金的路径选择策略研究

Strategical Research in Path Selection of Chinese MMF

在特征验证部分，研究了货币市场基金与其它可比金融产品收益性、风险性、流动性的差异，在验证准储蓄特征的同时也为投资者提供了备选资产。

It compares MMF with comparable financial instruments to find out its characteristics of yield , risk and liquidity .

在此之前，它已然通过关联企业蚂蚁金服（AntFinancial）经营着中国最大的货币市场基金，管理资产规模超过800亿美元。

Through affiliate Ant Financial it already operates China 's largest money market fund , with assets of more than $ 80bn .

FederatedInvestors管理的资产约有3/4是货币市场基金。

About three-quarters of the assets under management at federated investors ( FII ) are in money market funds .

阿里巴巴的基金公司余额宝（Yu’eBao）是中国最大的在线货币市场基金，资产总值达到5740亿元人民币（合938亿美元）。

Alibaba 's fund company Yu'e Bao is China 's biggest online money market fund , with Rmb574bn ( $ 93.8bn ) worth of assets

据美国财政部估计，105家货币市场基金的资产总规模达1万亿美元，一旦其最大20个交易对手中的任何一个违约，这些基金都有可能像reserveprimary一样崩溃。

The US Treasury estimates that 105 money market funds with total assets of $ 1tn could fail in the same way as reserve primary if any of their top 20 counterparties defaulted .

具体地说，应要求货币市场基金采取浮动资产净值；2005年对破产法中有关回购协议规定的更改按揭相关资产不受“自动冻结（automaticstay）”条款约束将被逆转。

Specifically , money market funds should be required to have floating net asset values , and the 2005 change in repo bankruptcy rules that exempted mortgage-related assets from an automatic stay would be reversed .

为TRowePrice管理应税货币市场基金的吉姆·麦克唐纳（JimMcDonald）表示：在这种情况下无法赚钱。

Jim McDonald , who runs taxable money market funds for T Rowe Price , said : You can 't make money in this situation .

ReservePrimary基金的麻烦在投资者中引起了恐慌，几天之内，他们从货币市场基金以及其它短期基金中撤回了逾4000亿美元。

The problem at Reserve Primary caused panic among investors and within a few days they had pulled more than $ 400bn from money market funds and other short term funds , such as prime funds .

雷曼倒闭后，美国政府立即启动了对货币市场基金的担保，以阻止ReservePrimaryFund的亏损在全行业引发挤兑。ReservePrimaryFund此前投资于雷曼债务。

The money fund guarantees were put in place immediately after the Lehman collapse to stop a run on the sector triggered by losses at the Reserve Primary fund , which had invested in Lehman debt .

Q规则的创始人没打算刺激货币市场基金业繁荣发展，或者把伦敦推上全球金融中心的宝座，但确实取得了这样的结果。

The devisers of Regulation Q did not intend to boost the money-market fund industry or to prop up London as a global financial centre but that is the effect they had .

并且各只MMF的流动性压力和流动性匹配较好，整个货币市场基金处于安全运行的环境中。

And the liquidity pressure of MMF is well matched with the liquidity , so money in MMF is in a safe setting .

骏利资产管理基金（janus）本周成为最新一家为其货币市场基金纾困的公司。

Janus , the fund manager , this week became the latest to bail out its money market funds .

如果美国国债被降级，或遭到技术性违约，那么美国政府可能采取哪些措施，以支撑美国各货币市场基金（MMF）？

What the US government might do to support the US money market funds if American debt is downgraded , or suffers a technical default ?

巴克莱资本（BarclaysCapital）称，仅持有政府债券的货币市场基金正在快速提高手中持有的用于满足一周内赎回需求的现金，使其从3月底占总资产的48%，提高到现在的68%。

Government-only money market funds have boosted the amount of cash available to meet redemptions within one week to 68 per cent of assets , from 48 per cent at the end of March , according to Barclays Capital .

阿里巴巴（Alibaba）拟推出港版余额宝。作为阿里巴巴旗下颇受欢迎的中国货币市场基金，余额宝的收益率要高于传统账户的人民币存款利率。

Alibaba is looking to start a Hong Kong version of its enormously popular Chinese money market fund , which pays higher rates on renminbi deposits than are available on conventional accounts .

这造成了巨大的市场冲击，货币市场基金等投资者开始停止购买SIV等模糊实体发行的票据。

That caused such shock that investors such as money market funds stopped purchasing notes issued by shadowy entities such as SIVs .

余额宝允许用户将存放于第三方网络支付平台&支付宝（Alipay）中的资金投资于货币市场基金。

Yu ' E Bao allows users to invest their money stored in the third-party online payment service Alipay into a money-market fund .

由阿里巴巴和腾讯（Tencent）等互联网公司提供的在线投资基金，让储户直接与货币市场基金对接，从而避开了这个上限。

Online investment funds offered by internet companies such as Alibaba and Tencent have blown a hole in that ceiling by giving savers direct access to money-market funds .

泽奔分析师克里斯鲍尔斯（ChrisPowers）说：最近一切都发生了很大改变，中国基金业如今已由互联网货币市场基金主导，这是个重大新闻。

Chris Powers , an analyst at Z-Ben , said : Everything has changed a lot recently and the domestic fund industry is now dominated by online money market funds , which is a big story .

根据相关方案，美联储作为美国央行，将向由摩根大通（jpmorganchase）负责管理的五个特别工具出借资金，这些特别工具的任务就是向货币市场基金购买资产。

Under the scheme the US central bank will lend money to five special purpose vehicles , to be managed by JPMorgan Chase , tasked with purchasing assets from money market funds .

蚂蚁金融控制着领先第三方在线支付服务支付宝（Alipay）以及中国最大货币市场基金余额宝（Yu'EBao）。

Ant Financial controls the leading third-party online payment service , Alipay , and the country 's biggest money-market fund , Yu'E Bao , which is marketed online .

据Morningstar的数据，截止到今年2月的12个月里，富达投资（Fidelity）的净赎回额为320亿美元（不包括货币市场基金）。

Fidelity , for one , had net redemptions of $ 32bn ( excluding money market funds ) in the 12 months to February , according to Morningstar .

这些实体（从货币市场基金到债务抵押债券（cdo）等投资产品）隐藏了真正的风险，因为它们没有受到妥善监管。

These entities , from money market funds to investment products such as collateralised debt obligations , hid the real risk because they were not properly regulated .

有一项针对货币市场基金的监管提议是引入可变定价法，最初由美国证交会（sec）主席玛丽夏皮罗（maryschapiro）提出。

One regulatory proposal to deal with money market funds , originally suggested by Mary Schapiro , chairman of the securities and Exchange Commission , is for the funds to adopt variable pricing .

直到最近，许多投资者还认为货币市场基金几乎与银行账户一样安全，而在美国最老牌的货币基金reserveprimary之前，仅有一家小型货币市场基金曾“跌破一美元”。

Until recently many investors considered money market funds to be almost as safe as bank accounts and before reserve primary , the oldest such fund in the US , only one small money market fund had ever " broken the buck " by dropping below $ 1 .

自那以后，美国证交会（SEC）开始引入一些小规模改革，比如：强制性要求各货币市场基金提高短期高流动性资产的持有比例，并进一步加强信息披露，以提振市场信心。

Since then the Securities Exchange Commission has introduced some small reforms : it has forced money market funds to purchase more short-term liquid assets and to offer better disclosure , in an effort to bolster confidence .

Vanguard上周就对机构投资者关闭了两只货币市场基金。瑞士信贷（CreditSuisse）也表示，将退出在美国的货币市场基金管理业务，并将三只货币市场基金的80亿美元资产变现。

Vanguard last week closed two of its money market funds to institutional investors , while Credit Suisse said it would quit managing money market funds in the US and liquidate $ 8bn in assets across its three funds .

目前在中国，从大的分类上，投资基金分为开放式基金，封闭式基金，货币市场基金，指数型基金，ETF基金，LOF基金，QDII基金。

Now in China , there are open-ended funds , closed-ended funds , money market funds , index funds , ETF funds , LOF Fund , QDII fund .

中国银行业协会（ChinaBankingAssocation）在上周发布报告中称，货币市场基金（例如由互联网公司销售的基金）应留出准备金以应对流动性短缺风险。此举将使货币市场基金与银行类似，将降低货币市场基金的回报率。

The China Banking Association said in a report last week that money-market funds -- like those marketed by Internet firms -- should set aside reserves to meet liquidity shortages , making them more like banks and potentially denting their profitability .