In 10 years, earned 386.7 billion! Netizens swipe the screen

Tech 2023-06-13 15:10:00 Source: Network

China Fund News reporter Cao WenjingToday is the tenth anniversary of the launch of Yu'ebao. According to official data from Yu'ebao, over the past decade, Yu'ebao has earned 100 million yuan per day for Chinese people and accumulated 386

China Fund News reporter Cao Wenjing

Today is the tenth anniversary of the launch of Yu'ebao. According to official data from Yu'ebao, over the past decade, Yu'ebao has earned 100 million yuan per day for Chinese people and accumulated 386.7 billion yuan in revenue for users.

Netizens exclaim one after another: After ten years, Yu'ebao is still reliable! On the internet, there has been a craze to post the 10-year earnings of Yu'ebao, which is referred to as "Celebrating Yunian" by netizens. Netizens with more income call themselves "redundant Mount Taishan", while those with less income mock themselves "redundant". Even writer Zijin Chen wrote on Weibo today, "I used to rely on the earnings of Yu'ebao to make a living, and finally wrote 'The Hidden Corner'. If it had been listed in the stock market, I would have written 'The Long Season'

Image: From the internet

Image source: Weibo

10th anniversary of launchAccumulated revenue of 386.7 billion for users

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You will remember that on June 13, 2013, the Yu'e Bao service was launched on Alipay APP and quickly became popular. In fact, before the birth of Yu'ebao, monetary funds had already appeared in China, but due to the high subscription threshold and low penetration rate, it was difficult for ordinary people to access them. In 2013, Yu'e Bao was born, which pioneered the mode of "purchase at the beginning of RMB 1 and redeemable at any time" for monetary funds, and can be operated at any time on Alipay App. This greatly reduces the threshold for ordinary people to manage their finances, allowing them to earn good profits from their idle money every day.

The reporter noticed that a few years before Yu'e Bao went online, it once reached an annual yield of 6%, which was far higher than the interest rate of the bank's Demand deposit. Later, with the easing of domestic capital and the continuous decline of market interest rates, the overall annualized yield of the monetary fund industry has also dropped to around 2%. Demand deposit fell from 0.35% to 0.2%. But even so, compared with Demand deposit, according to the conservative estimation of the lower yield of 2% and 0.35% of Yu'e Bao, the income of Yu'e Bao is still five or six times that of Demand deposit. In the past 10 years, it has made a lot of income for people's spare money.

An industry insider stated that over the past 10 years, Yu'ebao has served as a "national financial tool", enlightening the public's awareness and practice of financial management. Especially in recent years, with the continuous significant fluctuations in the stock market, monetary funds such as Yu'ebao have also bucked the trend and become a "safe haven" for people. 'At least not losing money on Yu'ebao' has become a resonance among many people.

In addition, Yu'ebao has also driven the vigorous development of the entire Chinese monetary fund industry. The reporter noticed that after Yu'ebao became popular, the banking industry has successively promoted "baby" type currency funds, replicating the model of "starting at 1 yuan and redeemable at any time". The threshold for the entire industry has been comprehensively lowered and the user experience has been comprehensively improved.

It is understood that currently, Yu'ebao has opened access to 34 currency funds, and the average size of the funds accessed has increased by at least 80 times. Although Yu'ebao services have been mature and developed in China for a decade, they are still the representative of China's financial technology innovation globally, attracting competition to imitate: not long ago, Apple launched a savings account, which was described as the Apple version of "Yu'ebao".

Pan Helin, co director of the Research Center for Digital Economy and Financial innovation of the International United Business School of Zhejiang University, believes that Yu Ebao has enlightened a considerable part of the Chinese public's financial cognition and practice, and has really benefited the people and the entire industry. Yu'e Bao is a classic case of Ant Group promoting financial inclusion, and also a typical representative of China's financial technology innovation.

The scale of goods base has exceeded 11 trillion yuanContinuously returning to the "2 eras" within the year

In recent years, China's monetary fund market has developed rapidly. According to the Asset Management Association of China, the size of monetary funds increased by 1.08 trillion yuan in January this year. As of April 2023, there are 372 currency funds in the entire market, with a scale of over 11 trillion yuan, reaching 11.48 trillion yuan.

It is worth noting that in June last year, the 7-day annualized yield of "baby" products fell significantly below 2% for the first time, sliding towards "era 1". However, since mid to late March this year, the returns of "baby" products have gradually rebounded, and in April this year, over 80% of the 7-day annualized yield of the product base returned to "era 2". Recently, there has been a decline in commodity based returns. According to Wind data, as of June 12th, out of 792 traditional currency funds, 355 products had their 7-day annualized returns back to the 2% mark, accounting for a quarter. Among them, the 7-day annualized return rate of Everbright Cash Treasure A/B product is more than 4%, the 7-day annualized return rate of Dacheng Cash Treasure B and China Post Money B is more than 3%, and the 7-day annualized return rate of more than 20 products under Red Earth Innovation, SDIC UBS, Dacheng, Xin'ao, China Post and Haifutong is more than 2.5%.

A fund manager from the fixed income investment department in Shanghai stated that monetary policy in 2023 will still be mainly stable. Currently, the economy is in a mild recovery stage, and domestic inflation pressure is not significant. There is no basis for a significant upward trend in monetary policy, but it should also be noted that although no significant stimulus measures have been taken, the sustainability of spontaneous market adjustments may continue for a long time, so the probability of interest rates will not remain at the "era 1" level as last year, We expect the estimated annual rate of monetary funds to be around 2, depending on the strength and sustainability of the economic recovery.

A deputy director of fixed income investment and general manager of fixed income department in Beijing stated that the key factor affecting the yield of monetary funds this year is the domestic monetary policy, that is, whether the fund interest rate will continue to be lower than the policy interest rate and remain stable at a low level. With the pace of economic recovery changing, monetary policy will also be fine-tuned in terms of structure and total amount. For example, there should be fewer cases where the market interest rate of funds continues to be lower than the policy interest rate in 2022, and the yield of monetary assets will not continue to decline. It should fluctuate around the policy interest rate, reflected in the yield of monetary funds. The yield of monetary funds will not continue to decline, and it should be a small fluctuation trend.

Editor: Captain

Reviewed by: Wooden Fish

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