我国货币市场基金发展的现状、影响及监管研究

Research on the Present Situation,Influence and Supervision of China's Money Market Fund Development

作为规避银行存款利率管制而出现的金融产品,我国货币市场基金经历了从无到有、稳步发展和快速扩张的阶段,其资产主要配置于银行存款、债券投资和买入返售金融资产,且货币基金收益率与同业市场利率高度相关。研究表明,我国货币基金的快速发展对金融机构的存款结构、负债成本和货币供应量带来一定影响,货币基金收益率对同业利率在短期内具有正向影响作用。货币基金的迅猛发展及其影响客观上要求监管政策的及时跟进,我国自2017年以来出台的监管政策对货币基金的合规健康发展具有积极作用。为促进我国货币基金健康发展,还需在推进部门协作、推进利率市场化、加强投资者保护、加强国际协作等方面继续完善。

As a financial product that evades the control of bank deposit interest rates, the development of China’s money market funds has experienced a stage of growth from scratch, steady development and rapid expansion. Its assets are mainly allocated to bank deposits, bond investments and financial assets purchased and sold. Money market funds yields are highly correlated with interbank market rates. The research shows that the rapid development of China’s money market funds has a certain impact on the deposit structure, debt cost and money supply. The return rate of the money market funds has a positive impact on the interbank interest rate in the short term. The rapid development of money market funds and its impact objectively require timely follow-up of regulatory policies. The regulatory policies introduced in China since 2017 have a positive effect on the compliance and healthy development of money market funds. In order to promote the healthy development of China’s money market funds, it is necessary to continue to improve in promoting departmental cooperation, promoting interest rate marketization, strengthening investor protection, and strengthening international cooperation.