Yu'e Bao's returns have dropped into the era of 0 for the first time.

Loose liquidity has led to a continuous decline in the returns of "baby-type" products. Recently, the income of money market funds has continued to decrease, with the leading product Tianhong Yubao's 7-day annualized yield falling below the 1% mark, attracting widespread attention in the market. Data shows that nearly 30% of money market funds in the market currently have a 7-day annualized yield of less than 1%, and the low-income trend has become the industry norm. However, despite the continuous pressure on returns, the scale of money market funds has been steadily increasing. According to relevant data, as of the end of March 2026, the scale of money market funds has risen to 15.58 trillion yuan, an increase of 5499.36 billion yuan since the beginning of the year. In conclusion, facing the challenge of low interest rates, the money market fund industry has entered a new stage of "micro-profit survival", and transformation has become an inevitable trend.