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In order to further regulate the investment operation of monetary market funds and promote the sound development of monetary market funds, according to such laws and regulations as the Law of Securities Investment Funds, the Measures for the Administration of the Operation of Securities Investment Funds and the Interim Provisions on the Administration of Monetary Market Funds, we hereby notify the relevant issues concerning the investment of monetary market funds in short- term financing bonds as follows: 1. The credit rating of the short-term financing bonds as invested by monetary market funds shall not be lower than the following standards: (1) Being at Grade A-1 or the equivalent of Grade A-1 in the short-term credit rating as appraised by a domestic credit rating institution; (2) For any short-term financing securities that have been exempted from credit rating according to the relevant provisions, the credit rating as well as follow-up rating of the relevant issuers for the latest 3 years meeting any of the following requirements: 1. Being at Grade AAA or the equivalent of Grade AAA in the long-term credit rating as appraised by a domestic credit rating institution; 2. Being at a credit rating level as appraised by an international credit rating institution that is one-level lower than the required credit rating level as appraised by a Chinese credit rating institution (e.g. where a credit rating level as appraised by a Chinese credit rating institution is Grade A- level, the corresponding one-level-lower credit rating is Grade BBB+ level). Where an issuer concurrently has both domestic credit rating and international credit rating, the domestic credit rating shall prevail. 2. The proportion of investment of monetary market funds in short-term financing bonds as well as short-term enterprise bonds as issued by a same enterprise shall not exceed 10% of the net value of fund assets in total. Where any fund investment fails to meet the requirements of the aforesaid proportion due to such factors as market fluctuation and alteration of fund scale that go beyond the control of a fund manager, the relevant fund manager shall conclude the adjustment within 10 trading days. 3. During the period when any short-term financing bonds are held by the monetary market funds, where the credit rating downgrades and fails to meet the relevant requirements of investment, the said short-term bond shall all be reduced within 20 trading days as of the publicity of the relevant rating report. 4. The present Circular shall come into force as of the day of promulgation. |
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