Cash management wealth management wealth management product rectification accelerates some banks to adjust the rules of redeeming and redeemed

20Jul

Our reporter Peng Yan is currently less than half a year since the completion period of the rectification of cash management wealth management products. Banks are speeding up the progress of cash management wealth management products, and adjust the scale of product departments and adjust the product form in accordance with regulatory requirements. "Securities Daily" reporter sorted out and found that Xingye Bank and China Merchants Bank have recently adjusted the rules such as the timing of cash management products and the amount of fast redemption. It was reduced from 50,000 yuan to 10,000 yuan, and also adjusted the product manager. "Adjustment is mainly to prevent liquidity risks that may occur during the redeeming process of wealth management products." Du Yang, a postdoctoral of the Bank of China Research Institute, told the Securities Daily reporter that the current development of my country's wealth management market has entered a high -quality development stage from the stage of scale growth. As an important part of bank wealth management products, cash management wealth management products need to be targeted at international mature standards to improve the quality of development. Some banks adjusted the Rundantic Rundantic Regulations On June 11, 2021, the "Notice on Regulating Code of Cash Management Wealth Management Products Management Council" jointly issued by the Banking Insurance Regulatory Commission and the People's Bank of China, the investment scope, valuation method, method, method, method, method, method, method, and method of cash management wealth management business Long -term management, concentration management, liquidity management, etc. have proposed standardized opinions, and set the transition period as of the end of 2022. The standard rectification mainly involves two aspects: first, the pressure of continuity is dropped. By the end of 2022, the proportion of cash management products of relevant bank wealth management subsidiaries fell to 30%; the second is that the asset side must meet the requirements of new regulations, including the scope of investment and concentration. It is to be rectified with the asset period. The reporter sorted out and found that some banks have recently adjusted the redeeming rules of multiple cash management wealth management products. For example, Industrial Bank issued the "Announcement on the Change of the Sales Documents of Some Cash Management Wealth Management Products" to adjust the "Cash Treasure No. 4" private bank RMB wealth management products. According to the change announcement, the Industrial Bank intends to adjust the "Cash Treasure No. 4" private bank RMB wealth management product on July 29 from the previous "T+0" to the cash financial management confirmed by the "T+1" working day. In other words, the previous "T+0", investors bought the income on the day before 15:45 working days, and after the adjustment was adjusted to "T+1", the investor bought it before 17:00 working days. Calculate income on working days. In terms of redemption rules, when "T+0", investors arrived on the day before 15:45 working days on working days, and the upper limit of the redeemed at 9: 00-15: 45 working days was 50,000 yuan. After +1 ", the investor will be redeemed before 17:00 on the day of working, and the next working day will be received; the amount of 10,000 yuan per natural day will be quickly redeemed. China Merchants Bank has recently issued a number of cash management wealth management product contract adjustments to adjust the rules such as product managers, the time limit for redeeming the confirmation of redemption, and the amount of fast redemption amount. Taking the Chaojin (diversified enterprising type) as an example, its purchase and redemption and rapid redemption have been adjusted. Among them, the time limit for purchasing and redemption confirmation has changed from "T+0" to "T+1" working day. Investors purchase or redemption before 15:30 working days, and will be confirmed or redeemed on the "T+1" working day. Back to the account, the daily redeemed limit is 10,000 yuan. During the interview, a bank customer manager told reporters that "It is expected that our bank will adjust some T+0 cash management wealth management products in the near future, and the relevant transformation will be gradually completed before the end of the year." Excluding the type of assets that do not meet the requirements, the deadline for adjusting the assets, etc., our bank has adjusted according to the regulatory requirements, and it should be rectified during the transition period. "Another bank customer manager said. The chief economist of CITIC Securities clearly said in an interview with the Securities Daily that the adjustment of redemption rules can avoid liquidity risks caused by a large number of redemptions, and at the same time give investment managers more operating space to avoid redeeming the day. As a result, excess cash flow exists on the account. Before the end of the year, the rectification can be completed as scheduled. In addition to the gradual rectification specifications of the asset side, the scale of cash management wealth management products is also steadily declining. According to the "Annual Report of the Bank of China Wealth Management Market (2021)", as of the end of 2021, there were 316 cash management wealth management products in the entire market, with a duration balance of 9.29 trillion yuan, an increase of 22.89%year -on -year. The growth rate was compared to the previous year. The same period was reduced by 41.95 percentage points. However, in the first half of this year, cash management products have rebounded slightly. In early June, according to the statistics of bank wealth management products included in the Puyi Standard, the number of cash management wealth management products was 435, which was a slight recovery from the end of the previous year. Industry insiders pointed out that the scale of cash management wealth management products in the first half of this year has not decreased compared with the previous, mainly due to the large fluctuations in the market in the first half of the year, and cash management wealth management products are more in line with the request of customers' stable investment. At the same time Liquidity and income, so rising scale is also a reflection of demand. From the perspective of the scale of existing products, although some banks still have certain pressure on the pressure drop of the product, they can be rectified in place as timely as the regulatory requirements. Obviously, although there are still many contents that need to be rectified at present, there is basically no problem to complete the rectification as scheduled. If the individual cannot reach the indicator requirements, the regulatory authorities will be handled separately.

"However, there are still some difficulties in rectification. The aspects of large rectification pressure are mainly asset allocation. The scope of cash management wealth management of cash management financial management of new cash management regulations has narrowed significantly. It has begun to rectify since the new regulations. Due to the limited investment scope, the returns obtained accordingly are degraded. It is expected that the return on cash management wealth management in the future will decline, and the attractiveness of investors will be relatively declining. "Ming Ming suggested that in the suggestion, in the suggestion, in the suggestion, it is clearly suggested that in the suggestion, in the suggestion, it is clearly suggested that in the proposal, in the suggestion, in the suggestion, it is clearly suggested that in it After the rectification is completed, under the regulatory requirements of cash management financial management, under the requirements of regulatory requirements, you can consider the peer deposit bills with a short configuration period and higher qualifications. In the face of the customer loss, you can use the influence of the mother to carry out marketing. Talking about the development trend of future cash management wealth management products, Xue Hongyan, deputy dean of the Star Financial Research Institute, told reporters of the Securities Daily that in the long run, cash management products have effectively solved some customers who want to take into account both income and liquidity. The demand has a solid foundation, and it is expected that in the future, it will still maintain steady growth with the growth of residents' wealth. "The regulatory standards of similar asset management products are the general trend of policy. It is expected that the competition for products such as cash wealth management and currency funds in the future will be more intense. express. Recommended reading

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