中国监管机构关注货币市场基金风险
中国将对具有“系统重要性”的货币市场共同基金收紧监管，此举可能迫使蚂蚁金服(Ant Financial)的高人气基金降低投资组合风险，并降低投资者可获得的收益率。
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.
近年来，随着中国投资者寻求银行存款的高收益率替代品，货币市场基金人气飙升。根据万得资讯(Wind Information)的数据，此类基金总资产在6月底达到5.48万亿元人民币(合8480亿美元)。
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.
但分析师们警告，尽管中国投资者一窝蜂从银行存款转投货币市场基金，这类基金却并不像银行那样受到资本和流动性规定的限制。
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.
中国证券监督管理委员会(CSRC)上周五晚发布规则，要求货币市场基金限制其对任何单一借款人、对信用评级较低资产的风险敞口。
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”.
该监管机构还表示，它可能会同中国人民银行(PBoC)制定专门针对“被认定为具有系统重要性的货币市场基金”的监管规则。
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.
虽然该机构没有提供这类基金的定义，但是蚂蚁金服的余额宝几乎肯定会获得这个称号。截至6月底，余额宝拥有1.4万亿元人民币资产，占中国货币市场基金资产总额的四分之一以上。
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.
蚂蚁金服是电子商务巨头阿里巴巴集团(Alibaba Group)的金融关联企业。余额宝的高人气源自其与蚂蚁金服运营的在线支付服务“支付宝”(Alipay)的无缝对接。分析师们表示，这种霸主地位也带来风险。
“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.
“中国少数几家资产管理公司的高度资产集中带来货币市场风险，因为这些大型基金做出大规模或突然的资产重新配置可能影响市场流动性或定价动态，”评级机构惠誉(Fitch)在7月份的一份报告中表示。
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.
流动性是一个特别令人担忧的问题。货币市场基金持有的57%资产为存款或其他类似现金的工具。其余资产是债券，收益率更高，但在市场承压的时候可能难以出售。货币市场基金的大部分资产都与商业银行挂钩。
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.
新规则通过限制对单一机构的敞口，迫使货币市场基金实施多元化。货币市场基金持有的来自单一银行的现金存款、债券或其他资产在价值上不得超过该行净资产的10%。来自单一机构的资产不得超过货币市场基金净资产的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.
根据新规则，货币市场基金对银行或企业发行的、信用评级低于AAA的工具的投资不得超过自身资产的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.
“新规则对于基金管理人进一步改善流动性风险管理机制和加强内部风险管理能力有积极作用，”蚂蚁金服在向英国《金融时报》发表的声明中表示。
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.
近月来，余额宝已两次下调单一投资者可以持有的金额上限。目前的上限是10万元人民币，远低于4月的100万元人民币。
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.
发达国家的监管机构近年也寻求加强对货币市场基金的监管。当美国的Primary Reserve基金在2008年跌破面值时，投资者竞相从货币市场基金赎回，从而引发金融市场恐慌。美国规范这类基金的新规已在去年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.
中国的新规则虽然聚焦于货币市场基金的安全，但它们与监管机构近期关注银行日益依赖货币市场资金(而不是客户存款)可能带来的风险是吻合的。那包括从货币市场基金以及其他银行借款。
The CSRC’s latest rules take effect in October.
中国证监会的最新规则将于10月份生效。
Additional reporting by Nan Ma
Nan Ma补充报道
