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    March bank financial management yield 4.22% has fallen for more than one year

    2019-04-12 08:01:31

    Every time Li Yuwen Yao Xiangyun

    In the past March, the bank's wealth management rate has once again fallen. According to the Puyi standard monitoring data, the average yield of closed-ended expected-income RMB products in March was 4.22%, a decrease of 0.04 percentage points from the previous period.

    Since last year, bank financial yields seem to be difficult to get rid of the down channel. In February 2018, the average expected rate of return-based expected-yield renminbi products reached 4.88%. Since then, it has continued its downward trend. As of March this year, it has fallen for 13 consecutive months.

    March yield fell to 4.22%

    According to the monitoring data of Puyi Standard, 932 banks issued a total of 9226 bank wealth management products (including closed-ended expected income, open-ended expected-income, net-value products) in March, and 10 issuing banks decreased, and product circulation increased by 1934. paragraph.

    From the point of view of the issuing institutions, in March, state-owned banks, stock exchanges, city commercial banks, rural financial institutions, and foreign-funded banks issued 1,820, 1,301, 3,210, 2,554, and 341 models of wealth management products, respectively, an increase of 399 compared with the previous month. 365 models, 700 models, 356 models, 114 models, the proportion of circulation is 19.73%, 14.10%, 34.79%, 27.68%, 3.70%.

    Among them, state-owned banks, stock banks, city commercial banks, rural financial institutions, and foreign-funded banks issued 220 types, 477 models, 836 models, 989 models, and 220 models, respectively, and issued 1600 models of non-principal-guaranteed wealth management products. 824 models, 2374 models, 1565 models, 121 models.

    From a regional perspective, the 31 provinces monitored by the Puyi standard saw a decline in the profitability of the guaranteed-type bank wealth management products in March; the non-guaranteed-type bank wealth management products in 24 provinces achieved a sequential increase, and the non-guaranteed editions of the seven provinces The yield of wealth management products of the bank was down by the ring.

    In fact, the highest average yield of closed-end expected-income renminbi products in banks last year has reached 4.88% in February 2018, and then entered the downtrend channel. As of March this year, this figure has dropped to 4.22%. , a further decrease of 0.04 percentage points from the previous period.

    Yu Xinyue, a researcher at Puyi Standard, told the reporter of "Daily Economic News" that there are two main reasons for the continued decline in bank wealth management income: First, the market funds are generally ample, the price of funds is falling under the influence of supply and demand, and the decline in the bottom assets returns. The decline in product revenue level; second, the new regulatory environment puts new demands on product just-in-time, investment management (lower leverage, banned funds pool, long-term management, etc.). In the past, it was difficult to rely on rigid redemption to maintain high returns. Following the standardization of the investment management side, investment income is under downward pressure. Yu Xinyue also mentioned that in the context of maintaining a “reasonable abundance” of funds and maintaining the trend of standardized product management, it is expected that bank wealth management prices will continue to decline, but the possibility of falling below 4% in the short term is not Big.

    Short-term closed products will be closed

    Not long ago, the Banking Financial Management Trust Center andBank of China(Hong Kong stocks 03988) (3.860, 0.00, 0.00%) Industry Association jointly issued the "China Banking Financial Market Report (2018)" (hereinafter referred to as "Annual Report"). According to the "Annual Report", in 2018, the weighted average duration of newly issued closed non-principal-guaranteed wealth management products was 161 days, an increase of about 20 days.

    In addition, the balance of closed non-principal-guaranteed wealth management products with a maturity of less than 3 months (inclusive) was 0.66 trillion yuan, less than half of the size of the “New Asset Management Regulations” at the end of April, accounting for 3% of the balance of non-guaranteed wealth management products. Compared with the proportion of 6.17% at the end of April, the proportion decreased by 3.17 percentage points.

    "The long-termization of closed products, one is the basic requirements for product specification management under strict supervision, and the other is a strategy for banks to lengthen product deadlines to increase product revenue." Yu Xinyue told the reporter of "Daily Economic News".

    Yu Xinyue also said that the new regulations on asset management require that the term of closed asset management products should not be less than 90 days. Products should be directly or indirectly invested in non-standard assets. The termination date of non-standard assets should be no later than closed asset management products. The due date. In the context of the new regulations, short-term closed products below 90 days have withdrawn from the historical arena. At the same time, banks have the need to invest in non-standard assets to increase product returns. In order to prevent maturity mismatches, the maturity of products docked with such assets is generally extended to accommodate asset maturity dates.

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    Editor in charge: Shen Xuejiao RF13056

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