Research On The Development Of Money Market Fund Of China

Money Market Fund(MMF for short) is one of the investment funds,which invests in the instruments of money market. It was taken into birth in U.S.A in 1970s'and has been developing in the US financial innovation since then. The MMF of China was born in 2003 with three quasi-MMFs came out and got high investment returns. Now it has increased so quickly not only in the total number but also in its scale.This thesis has made a basic research on the development of MMF of China, which is divided into four charpters.The first charpter gives a general account of MMF, including the definition, characterestics, investment objects and the different types of MMF, especially pointing out the difference between MMF and other investment funds and the difference between MMF and deposits. Then it introduces the merchanism of MMF and the process of development of MMF in the world.Charpter two to charpter four are the key of the thesis. Charpter two firstly reviews the occurrence and the development of MMF of China since 2003. Then analyses the reasons and the characterestics of it based on a great deal of data and indices, in order to make a basis for the following analysis.Charpter three analyses the impact of MMF on the financial industry of China at three aspects, which including different participants of financial market, financial system and the conduction of monetary policy, so as to show the importance of the development of MMF of China.Charpter four makes a further research on how to develop the MMF of China. By Considering the various kinds of the factors which restrict the development of it and the problems that are worthing probing into, it finally puts forward some suggestions to the development of MMF in China, which consists of accelerating the construction of money market of China, stimulating the commercial banks to issue and manage MMF, completing the system of laws and regulations, constructing the comprehensive financial supervision system etc.