Since March, affected by multiple factors, overseas markets have fallen sharply, the net value of QDII funds has declined in an all-round way, and investors are willing to catch the bottom, which directly leads to the exhaustion of foreign exchange quotas of many fund companies. In the face of the purchase demand of blowout, many QDII funds have restricted large amount purchase transactions since yesterday, and many QDII funds under E-fund have even suspended their purchase.
According to wind data, as of March 10, the net value of 36 equity QDII funds (different shares are counted separately) has declined by 5.94% on average since March, while that of 68 bond QDII funds (different shares are counted separately) has declined by 1.1% on average since March. The sharp drop in overseas market aroused investors' enthusiasm for bottom hunting, especially the sharp drop in the net value of crude oil QDII fund, which triggered investors' rush to buy.
The enthusiasm of investors to catch the bottom of crude oil QDII fund accelerated the consumption of foreign exchange quota of fund companies. The tight foreign exchange quota of many fund companies has affected the transaction of several QDII funds. According to the announcement issued by China Guangfa Fund, Nasdaq 100 of China Guangfa is limited to purchase transactions of more than 2000 yuan from March 11; Dacheng Fund is limited to purchase transactions of more than 50000 yuan from March 12, according to the announcement issued by Dacheng Standard & Poor's 500 and other weight indexes.
It is worth noting that the foreign exchange quota of E-fund is all used up, and many of its QDII funds are directly closed to customers. E-fund announced yesterday that due to the limitation of foreign exchange quota, QDII funds such as E-fund China Overseas China Internet 50ETF connection, E-fund S&P 500 Index, E-fund S&P consumer goods index enhancement, E-fund S&P Biotechnology Index and E-fund gold theme have been suspended from subscription and order since March 11.
A public fundraiser in Beijing said that in the recent global market turmoil, the stock market, bond market, crude oil and other markets have been greatly revised back. Some investors use QDII fund to catch the bottom of the overseas market, especially the bottom of crude oil. Even tens of millions of yuan of subscription has appeared among individual investors, which directly leads to the substantial consumption of the foreign exchange quota of the fund company. The foreign exchange quota of E-fund has been exhausted, while the foreign exchange quota of others with crude oil QDII products is relatively tight.
When will the suspended QDII fund open its subscription? No specific time has been given by the relevant fund companies, and the resumption of subscription will be announced separately. Behind the urgency of the foreign exchange quota is the fact that public fund companies haven't increased their foreign exchange quota in the past year. The latest foreign exchange quota expansion was on April 29, 2019. The fund companies with relatively large foreign exchange quota mainly include Huaxia, Harvest Fund, South Fund, E-fund, etc. Among them, the foreign exchange quota of Huaxia Fund is US