-Controlling liquidity risk: Yu 'ebao can be redeemed in real time, adopting the "T+0" trading mode, and the settlement between assets invested by the asset manager behind it is "T+ 1", with a time difference of one day. In this case, it is necessary for fund companies to maintain liquidity in the form of "advance capital". When the scale of Yu 'ebao is too large, the amount of funds that the company needs to advance will increase. If a large number of users withdraw cash at the same time in extreme cases, it may be difficult to advance huge sums of money, thus accumulating certain liquidity risks. By controlling the scale, this potential risk can be reduced.
-Preventing the spread of risks: China's money funds have concentrated investment directions and relatively single investment types, and most of them are invested in bank deposits. If its liquidity risk is transmitted to the banking system, the risk may be amplified. In addition, money funds such as Yu 'ebao are not bank deposits. Although the deposit and withdrawal are convenient and the income is good, the risk is higher than that of bank deposits. Therefore, from the perspective of supervision, it is also necessary to limit its scale.
-Strategic considerations of Ant Financial: For Ant Financial, Yu 'ebao was once a strategic product, and with its development, its strategic mission has been basically completed. Today, Ant Financial's financial platform will recommend other products with higher yield.
Since the establishment of 20 13, Yu' ebao has developed rapidly and its scale has been expanding. In order to prevent risks, operate stably and meet market and regulatory requirements, its manager, Tian Hong Fund Management Co., Ltd., adjusted the maximum amount held by individual customers several times and restricted the total daily subscription.
For example, from 2065438 to May 2007, the maximum amount of personal trading account was adjusted to 250,000 yuan; In August of the same year, this limit was adjusted to 654.38+10,000 yuan; At the end of 20 17, the daily subscription amount of personal trading account of Tian Hong Yu' ebao money market fund was adjusted to 20,000 yuan, and the total holding amount of personal trading account was still 654.38+10,000 yuan; At the beginning of 20 18, from February 1 day to March 15, the daily subscription amount is limited, and it is sold at 9: 00 every day until the subscription on that day. At the same time, the function of automatically transferring Alipay balance to Yu 'ebao was suspended. As of now, these purchase restrictions are still going on.
It should be noted that the money fund is not risk-free. Investors should fully understand the relevant risks and regulations when choosing wealth management products, and make reasonable allocation according to their own risk tolerance and capital use requirements. At the same time, the market and regulatory situation may change, and the specific limits and regulations may be adjusted accordingly. It is recommended to pay attention to the information officially released by Yu 'ebao.