中國監(jiān)管機(jī)構(gòu)關(guān)注貨幣市場(chǎng)基金風(fēng)險(xiǎn)

China will impose tighter regulation on “systemically important” money-market mutual funds, potentially forcing Ant Financial’s popular fund to de-risk its portfolio and reduce yields for investors.

中國將對(duì)具有“系統(tǒng)重要性”的貨幣市場(chǎng)共同基金收緊監(jiān)管，此舉可能迫使螞蟻金服(Ant Financial)的高人氣基金降低投資組合風(fēng)險(xiǎn)，并降低投資者可獲得的收益率。

MMFs have exploded in popularity in recent years, as Chinese investors seek high-yielding alternatives to bank deposits. Total assets reached Rmb5.48tn ($848bn) at the end of June, according to data from Wind Information.

近年來，隨著中國投資者尋求銀行存款的高收益率替代品，貨幣市場(chǎng)基金人氣飆升。根據(jù)萬得資訊(Wind Information)的數(shù)據(jù)，此類基金總資產(chǎn)在6月底達(dá)到5.48萬億元人民幣(合8480億美元)。

But analysts warn that even as Chinese investors shift en masse from bank deposits to MMFs, the funds are not subject to the same capital and liquidity regulations as banks.

但分析師們警告，盡管中國投資者一窩蜂從銀行存款轉(zhuǎn)投貨幣市場(chǎng)基金，這類基金卻并不像銀行那樣受到資本和流動(dòng)性規(guī)定的限制。

The China Securities Regulatory Commission issued rules late on Friday that required MMFs to limit exposure to any single borrower and to assets with lower credit ratings.

中國證券監(jiān)督管理委員會(huì)(CSRC)上周五晚發(fā)布規(guī)則，要求貨幣市場(chǎng)基金限制其對(duì)任何單一借款人、對(duì)信用評(píng)級(jí)較低資產(chǎn)的風(fēng)險(xiǎn)敞口。

The agency also said that it may, in partnership with the People’s Bank of China, apply additional regulations to funds “designated as systemically important”.

該監(jiān)管機(jī)構(gòu)還表示，它可能會(huì)同中國人民銀行(PBoC)制定專門針對(duì)“被認(rèn)定為具有系統(tǒng)重要性的貨幣市場(chǎng)基金”的監(jiān)管規(guī)則。

Though the agency did not provide a definition of the term, Ant Financial’s Yu’E Bao fund is all but certain to earn this designation. With Rmb1.4tn in assets, Yu’E Bao comprised more than a quarter of total Chinese MMF assets at the end of June.

雖然該機(jī)構(gòu)沒有提供這類基金的定義，但是螞蟻金服的余額寶幾乎肯定會(huì)獲得這個(gè)稱號(hào)。截至6月底，余額寶擁有1.4萬億元人民幣資產(chǎn)，占中國貨幣市場(chǎng)基金資產(chǎn)總額的四分之一以上。

Ant Financial is the finance affiliate of e-commerce giant Alibaba Group. Yu’E Bao’s enormous popularity stems from its seamless link to Alipay, the online payments service operated by Ant Financial. But this dominance also poses risks, analysts say.

螞蟻金服是電子商務(wù)巨頭阿里巴巴集團(tuán)(Alibaba Group)的金融關(guān)聯(lián)企業(yè)。余額寶的高人氣源自其與螞蟻金服運(yùn)營的在線支付服務(wù)“支付寶”(Alipay)的無縫對(duì)接。分析師們表示，這種霸主地位也帶來風(fēng)險(xiǎn)。

“The high asset concentration in a few asset managers in China raises risks in the money market, as large or sudden asset reallocations by these large funds could affect market liquidity or pricing dynamics,” rating agency Fitch said in a report in July.

“中國少數(shù)幾家資產(chǎn)管理公司的高度資產(chǎn)集中帶來貨幣市場(chǎng)風(fēng)險(xiǎn)，因?yàn)檫@些大型基金做出大規(guī)?；蛲蝗坏馁Y產(chǎn)重新配置可能影響市場(chǎng)流動(dòng)性或定價(jià)動(dòng)態(tài)，”評(píng)級(jí)機(jī)構(gòu)惠譽(yù)(Fitch)在7月份的一份報(bào)告中表示。

Liquidity is a particular concern. MMFs hold 57 per cent of their assets in deposits or other cash-like instruments. The rest is held in bonds, which offer higher yields but can be difficult to sell in times of market stress. Most MMF assets are linked to commercial banks.

流動(dòng)性是一個(gè)特別令人擔(dān)憂的問題。貨幣市場(chǎng)基金持有的57%資產(chǎn)為存款或其他類似現(xiàn)金的工具。其余資產(chǎn)是債券，收益率更高，但在市場(chǎng)承壓的時(shí)候可能難以出售。貨幣市場(chǎng)基金的大部分資產(chǎn)都與商業(yè)銀行掛鉤。

The rules force diversification on MMFs by limiting the amount of exposure these can have to a single institution. MMFs must not hold cash deposits, bonds or other assets from a single bank worth more than 10 per cent of that bank’s net assets. Assets from a single institution must not exceed 2 per cent of an MMF’s net assets.

新規(guī)則通過限制對(duì)單一機(jī)構(gòu)的敞口，迫使貨幣市場(chǎng)基金實(shí)施多元化。貨幣市場(chǎng)基金持有的來自單一銀行的現(xiàn)金存款、債券或其他資產(chǎn)在價(jià)值上不得超過該行凈資產(chǎn)的10%。來自單一機(jī)構(gòu)的資產(chǎn)不得超過貨幣市場(chǎng)基金凈資產(chǎn)的2%。

The rules also forbid MMFs from holding more than 10 per cent of assets in instruments issued by banks or companies with a credit rating below triple A.

根據(jù)新規(guī)則，貨幣市場(chǎng)基金對(duì)銀行或企業(yè)發(fā)行的、信用評(píng)級(jí)低于AAA的工具的投資不得超過自身資產(chǎn)的10%。

“The new rules are positive for further improving fund managers’ liquidity risk management mechanisms and strengthening their internal risk management ability,” Ant Financial said in a statement to the Financial Times.

“新規(guī)則對(duì)于基金管理人進(jìn)一步改善流動(dòng)性風(fēng)險(xiǎn)管理機(jī)制和加強(qiáng)內(nèi)部風(fēng)險(xiǎn)管理能力有積極作用，”螞蟻金服在向英國《金融時(shí)報(bào)》發(fā)表的聲明中表示。

In recent months, Yu’E Bao has twice reduced the maximum amount that a single investor can hold. The current limit is Rmb100,000, down from Rmb1m in April.

近月來，余額寶已兩次下調(diào)單一投資者可以持有的金額上限。目前的上限是10萬元人民幣，遠(yuǎn)低于4月的100萬元人民幣。

Regulators in developed countries have also sought to tighten regulation on money market funds in recent years. When the Primary Reserve fund of the US “broke the buck” in 2008, it sparked panic in financial markets as investors rushed to redeem shares in money-market funds. New rules governing these funds in the US took effect last October.

發(fā)達(dá)國家的監(jiān)管機(jī)構(gòu)近年也尋求加強(qiáng)對(duì)貨幣市場(chǎng)基金的監(jiān)管。當(dāng)美國的Primary Reserve基金在2008年跌破面值時(shí)，投資者競相從貨幣市場(chǎng)基金贖回，從而引發(fā)金融市場(chǎng)恐慌。美國規(guī)范這類基金的新規(guī)已在去年10月生效。

Though they focus on the safety of MMFs, the latest rules are in line with regulators’ recent focus on risks from banks’ increasing reliance on money-market funding rather than customer deposits. That includes borrowing from MMFs as well as other banks.

中國的新規(guī)則雖然聚焦于貨幣市場(chǎng)基金的安全，但它們與監(jiān)管機(jī)構(gòu)近期關(guān)注銀行日益依賴貨幣市場(chǎng)資金(而不是客戶存款)可能帶來的風(fēng)險(xiǎn)是吻合的。那包括從貨幣市場(chǎng)基金以及其他銀行借款。

The CSRC’s latest rules take effect in October.

中國證監(jiān)會(huì)的最新規(guī)則將于10月份生效。

Additional reporting by Nan Ma

Nan Ma補(bǔ)充報(bào)道