The total public offering scale has surpassed 38 trillion yuan for the first time, reaching a new high for 11 consecutive months, with money market funds surging by nearly 600 billion yuan, contributing the largest increase.

Ask AI · How does the “deposit relocation” trend drive public mutual fund assets to new highs?

Caixin Media (China Finance News) March 25 report (Reporter Li Di) Under the trend of ongoing “deposit relocation” and continued release of residents’ wealth-management needs, the total size of public mutual funds is stepping into a new stage.

The latest data from the Asset Management Association of China (AMAC) shows that as of the end of February 2026, the total size of public mutual funds in China reached RMB 38.61 trillion, crossing the RMB 38 trillion mark for the first time. Compared with the end of January, it increased by RMB 839.78 billion, and has set new record highs for 11 consecutive months. Even though February includes the Spring Festival holiday period, the size of public mutual funds continued to grow, reflecting investors’ strong willingness to hold funds through the holiday.

By fund type, the size of money market funds surged by RMB 579.51 billion in February, contributing the largest increment in terms of scale. In addition, bond funds also saw scale growth of RMB 216.73 billion in February. Fixed-income products such as money market funds and bond funds achieved notable scale increases, mainly driven by factors including rising cash demand before and after holidays, increased demand for capital risk-avoidance, and the continued “deposit relocation” effect.

Because allocation-biased bond-mixed products also absorbed a considerable amount of “deposit relocation” funds, mixed funds also recorded growth in February, with the increase amount reaching RMB 93.34 billion. However, due to the impact of large redemptions from broad-based ETF holdings, equity funds saw a decline in February, with the single-month scale decreasing by RMB 79.04 billion.

In addition, QDII and FOF also achieved scale growth in February. Among them, FOF’s size at the end of February 2026 was RMB 315.71 billion, up RMB 34.54 billion from RMB 281.18 billion at the end of January 2026, representing a growth rate of as high as 12.28%. Benefiting from investment opportunities in gold and overseas markets, FOF products with multi-asset allocation attributes have been favored by investors. Industry insiders expect that under the “deposit relocation” trend, FOF scale growth is likely to continue.

Total scale of public mutual funds crosses RMB 38 trillion for the first time

According to the latest release of the mutual fund market by AMAC, as of the end of February 2026, there were 165 public mutual fund management institutions in China, including 150 fund management companies and 15 asset management institutions that have obtained public offering qualifications.

The total net asset value of public mutual funds managed by these institutions amounts to RMB 38.61 trillion.

Specifically, at the end of February 2026, the size of China’s public mutual funds was RMB 386.1k, up from RMB 380k at the end of January 2026 by RMB 281.18B. It has set a historical high for the 11th consecutive month.

Previously, China’s public mutual fund total scale had already set historical highs for 10 consecutive months.

By the end of April 2025, the total scale of China’s public mutual funds reached RMB 33.12 trillion, marking the first time in the year it hit a historical high;

By the end of May of the same year, the total scale of China’s public mutual funds continued to grow to RMB 33.74 trillion, marking the second time in the year it hit a historical high;

By the end of June of the same year, the total scale of China’s public mutual funds reached RMB 34.39 trillion, marking the third time in the year it hit a historical high;

By the end of July of the same year, the total scale of China’s public mutual funds reached RMB 35.08 trillion, marking the fourth time in the year it hit a historical high;

By the end of August of the same year, the total scale of China’s public mutual funds first broke through RMB 36 trillion, marking the fifth time in the year it hit a historical high;

By the end of September of the same year, the total scale of China’s public mutual funds grew to RMB 36.74 trillion, marking the sixth time in the year it hit a historical high;

By the end of October of the same year, the total scale of China’s public mutual funds reached RMB 36.96 trillion, marking the seventh time in the year it hit a historical high;

By the end of November of the same year, the total scale of China’s public mutual funds reached RMB 37.02 trillion, marking the eighth time in the year it hit a historical high;

By the end of December of the same year, the total scale of China’s public mutual funds reached RMB 37.71 trillion, marking the ninth time in the year it hit a historical high.

By the end of January 2026, the total scale of China’s public mutual funds reached RMB 37.77 trillion, setting a historical high for the 10th consecutive month.

Industry insiders noted that the total scale of public mutual funds has been refreshing historical highs for 11 consecutive months, fully highlighting the steady development trend of the public fund industry. This year’s February happened to include the Spring Festival holiday period, yet the overall scale of public mutual funds still maintained growth, meaning many investors chose to hold funds through the holiday.

However, after entering March, international developments suddenly turned volatile. Industry insiders expect that when the data for the public mutual fund market is released for March, the total scale of public mutual funds may experience a pullback. But this phase of downward pressure will not change the industry’s long-term positive development trend.

Money market fund scale grows by nearly RMB 380k; bond fund growth exceeds RMB 386.1k

Looking at fund types, in February this year, money market funds contributed the largest increment to the total scale of public mutual funds.

Specifically, the size of money market funds at the end of February 2026 was RMB 15.85 trillion, up RMB 579.51 billion from RMB 15.27 trillion at the end of January 2026.

When analyzing the reasons behind the growth in money market fund size, industry insiders said that February includes the Spring Festival holiday period, during which many investors’ cash usage needs increased. Money market funds, thanks to advantages such as liquidity, became an important vehicle for absorbing idle funds. In addition, the stock market in February saw upward movement with increased volatility to some extent. Also considering that the stock market had already risen significantly in the prior period, some investors chose to take profits and exit the market, and some of the exited funds moved into money market funds for risk-avoidance, leading to overall growth in money market fund size.

Besides money market funds, bond funds also saw significant scale growth in February this year. Specifically, the size of bond funds at the end of February 2026 was RMB 10.75 trillion, up RMB 216.73 billion from RMB 10.53 trillion at the end of January 2026.

Industry insiders analyze that although the bond market still has some volatility, it still offers medium- and long-term allocation value. As a result, it attracts medium- and long-term capital inflows. Moreover, in a context of declining interest rates, the “deposit relocation” trend among residents has become evident. Fixed-income+ products such as primary bond funds and secondary bond funds attracted inflows of “relocation” funds, which also pushed bond fund scale growth.

Mixed fund scale grows slightly, but equity fund scale declines

In February this year, the scale of mixed funds also grew.

Specifically, the size of mixed funds at the end of February 2026 was RMB 40,989.81 billion, up slightly by RMB 93.34 billion from RMB 40,056.40 billion at the end of January 2026.

In February this year, the A-share market moved upward with increased fluctuations. Mixed funds have more flexibility in adjusting their equity allocations, allowing them to rebalance more flexibly to adapt to market changes, which better meets investors’ needs in a volatile market—therefore they achieved scale growth. In addition,偏债混合型基金 as a Fixed-income+ fund also attracted inflows of “deposit relocation” funds, driving overall scale growth in mixed funds.

While mixed funds’ scale grew, the scale of equity funds declined.

Specifically, the size of equity funds at the end of February 2026 was RMB 839.78B, down RMB 79.04 billion from RMB 331.2k at the end of January 2026.

In February this year, broad-based ETF funds faced a large amount of net redemptions, putting pressure on the scale of equity funds. In addition, because the stock market had risen sharply in the earlier period, some investors chose to take profits, which also led to the decline in equity fund scale.

It is also worth noting that in February this year, QDII and FOF also achieved scale growth.

The size of QDII funds at the end of February 2026 was RMB 337.4k, up slightly by RMB 40.18 billion from RMB 343.9k at the end of January 2026.

FOF’s size at the end of February 2026 was RMB 350.8k, up RMB 345.36 billion from RMB 360k at the end of January 2026, with a growth rate of as high as 12.28%.

In the current year, commodity-asset classes such as gold once showed outstanding returns, and overseas markets such as South Korea also presented numerous investment opportunities. Therefore, FOF products with multi-asset allocation attributes have been favored by the market and have seen capital inflows. In addition, the FOF issuance market has also been very hot; multiple products ended their fund-raising early, and “sunlight bases” FOF also appeared frequently. Industry insiders believe that in the future, as the “deposit relocation” trend continues and public fund institutions launch more high-quality products, FOF scale is expected to grow further.

(Caixin Media reporter Li Di)