Mid-year market is no longer "hidden" in high-yield banking

There are not many wealth management products with a yield of more than 4%. Only a few banks are "stepping on the point" to push the Dragon Boat Festival wealth management; future deposit interest rates may be difficult to rise

  After Yuyuebao’s yield fell below 2%, and many banks lowered the interest rate of large deposit certificates, the overall “revenue” of the bank’s wealth management yield in the middle of this year was not obvious.

  The Beijing News reporter recently consulted 8 banking outlets such as ICBC, Agricultural Bank of China, Bank of China, China Merchants Bank, and Hua Xia Bank, and found that only a few banks have launched exclusive wealth management products for the Dragon Boat Festival. However, the performance comparison benchmark is more than 4%, which is still higher than most. Financial product.

  Can we still expect high-yield products for exclusive financial management or "rush hour" for future festivals? A number of bank wealth management managers told reporters that after the red line deletion of deposit-loan ratio assessment and the transformation of wealth management net worth management, the traditional thinking of “waiting for” holiday-only wealth management or high-yield products should be switched. Following market conditions, you may also have wealth management with higher performance benchmarks on weekdays, which can be followed at any time through online banking, mobile banking and other channels. Financial managers generally expect that the continued interest rate cut in the future is a major trend, and it is recommended to mismatch financial management based on the family asset status and risk appetite in the short and long term.

What is the exclusive financial market for Dragon Boat Festival?

Only launched by individual banks, performance benchmark is about 4%

  "Our bank's exclusive financial management for the Dragon Boat Festival, starting at 50,000, has a performance benchmark of 4.5% and a period of three years. It started selling on the 22nd. Today, I am not sure whether there is a limit. If you come to the outlet, you can take a look (in the system). "On June 23, the wealth management manager of a branch of Bank of Beijing told reporters that the bank launched a dedicated financial management for the Dragon Boat Festival this week, and the performance comparison benchmark was about 0.1-0.2 percentage points higher than the daily financial management of the same period.

  In addition, a wealth management manager of Hua Xia Bank introduced that the bank has more than one exclusive Dragon Boat Festival wealth management, including a 190-day Dragon Boat Festival exclusive wealth management issued in Beijing, with low and medium risk, a subscription threshold of 10,000 yuan, and a performance comparison benchmark of 4.05% , Is the current high interest rate of all wealth management products. There is also a new customer exclusive, 139 days period, a performance benchmark of 4.15%, and a subscription threshold of 200,000 yuan.

  The reporter consulted 8 bank outlets, these two are the few banks that have launched the Dragon Boat Festival financial management. Since then, the reporter has searched for “Dragon Boat Festival” as a keyword on China Wealth Management Network. There are only 9 recently issued Dragon Boat Festival wealth management products. Among them, the issuers are mainly small and medium-sized banks, including Pingdingshan Bank, Hebei Bank, Suzhou Rural Commercial Bank, Guilin Bank, Chengdu Rural Commercial Bank, etc., are mostly low-risk fixed-income investments, with performance benchmarks ranging from 3.85% to 4.4%.

  The so-called performance comparison benchmark can be regarded as a historical transcript of a wealth management product. A number of interviewed bank wealth management managers introduced that after the introduction of the new asset management regulations in 2018, the regulation clearly requires bank wealth management net worth management, which is no longer called "expected rate of return". Only historical rate of return can be given to customers, and the product expires After the actual investment income is how much.

  In fact, there are not many financial managers with a yield of more than 4%. According to several bank financial managers, after three rounds of RRR cuts and the central bank's injection of trillions of liquidity into the market, interest rate bond yields have fallen, coupled with the reduction in financing needs of state-owned enterprises and urban investment under the epidemic, cost-effective asset supply is scarce . Although it is approaching the traditional "mid-year exam" time point, the overall income of wealth management products has not significantly increased, and products with high returns generally have a relatively long period, usually more than one year.

Is the current large deposit certificate "favored"?

Suitable for customers with low risk appetite, interest rates have generally been lowered this year

  A wealth management manager of a state-owned bank said, “Originally, wealth management was mostly fixed income, and more investment was made in debt assets such as deposits and bonds, with low risk; now there are more equity products, and the proportion of equity assets such as investment stocks is not less than 80%. When you encounter large fluctuations in market interest rates, you may not get high returns when the product expires."

  Under net worth management, customers need to have a sense of risk self-sufficiency and tolerance for interest rate fluctuations when purchasing wealth management.

  For customers with low risk appetite, bank managers recommend large deposit certificates. The reporter learned that the current large deposit certificate interest rates are generally lowered. Taking the 3-year large deposit certificate as an example, banks mostly float 40% to 3.85% on the basis of the 3-year fixed deposit benchmark interest rate (2.75%). Among the 8 banks consulted by the reporter, the lowest interest rate was 3.57%.

  "The three-year large certificate of deposit yield you mentioned is 4.125% (that is, 50% above the benchmark interest rate). It was last year's business. It has been declining this year. Our bank is now 3.85%. The advantage is that it protects capital and interest. "A wealth manager of a joint-stock bank introduced.

  Regarding the decline in the interest rate of large deposit certificates, many bank wealth managers explained that one is because of the RRR cut and the banks have sufficient funds; the second is that the central bank has adopted various measures this year to guide the loan interest rate to gradually decline, and even some deposit and loan interest rates have appeared “inverted”. Preventing arbitrage of funds, coupled with banks’ interest rate reduction in order to reduce debt costs

  "We now have a loan interest rate of only 4.35%, and we must consider the (deposit) interest rate. If the deposit interest rate is higher than this level, the bank will lose money. At the same time, the bank values ​​its reputation and does not want to have risks. At this stage, the rate of return that wealth management or deposit products want to give Higher than loans, that is risk investment." The above-mentioned state-owned bank financial manager said.

  In contrast, the once-hot interest rate of deposit products fell even more markedly. Taking Yu'ebao Money Market Fund as an example, as of June 23, its annualized return on the 7th fell to around 1.77%. Industry insiders predict that the rate of return of money market funds may remain below 2% for some time.

Will the deposit interest rate rise?

Future interest rate cuts may be a major trend, it is recommended to mismatch long-term and short-term financial management

  "There are three points to financial management, liquidity, profitability and risk. Among them, income is proportional to risk, and liquidity will also affect income. Like money funds and short-term financial management, liquidity is relatively strong, but income will be low. Asset conditions and risk appetite, long-term and short-term mismatched wealth management. It is expected that future interest rate cuts will remain a major trend, and some medium- and long-term financial management can be deployed to lock in earnings." Many financial managers interviewed said that if their personal risk tolerance is strong, they can also consider Buy some equity funds to increase income.

  Zhang Ting, a senior macro analyst at Geshang Wealth, told reporters that since May, various interest rates have risen in the context of an expected upturn in the economy and fine-tuning of the central bank’s monetary policy, but they are still in the low-middle position. Some small and medium-sized banks have launched Dragon Boat Festival exclusive wealth management products with slightly higher returns than usual wealth management products. The high probability is to attract investors to make concessions, which belong to individual cases of individual nodes.

  Zhang Ting said that this year's senior management proposed that the financial system make a 1.5 trillion yuan profit to the real economy. Under this environment, it is difficult for the deposit interest rate to rise in the future. In order to reduce the arbitrage of funds and guide funds out of fictitiousness, the downward interest rate of deposits is also inevitable, which can reduce the cost of debts of banks and expand the room for banks to make profits. "Small and medium-sized banks have relatively weak reserve holding capacity. In order to attract deposits, they usually choose to raise deposit interest rates, but high-quality loans are mainly concentrated in large and medium-sized banks, which puts pressure on small and medium-sized banks." Zhang Ting said.

  In the view of Wang Chenyu, a researcher of the General Standards Research Consulting Department, from the situation that the central bank's open market operation continued to shrink on June 15 and the MLF maintained interest rates unchanged and June 23 maintained 7 days and 14 days of reverse repurchase rates. It can be seen that the use of monetary policy tools is more flexible and cautious, and market easing is expected to converge. It is expected that further liquidity will be limited in the future. With the recovery of economic activities and the decline in loan costs, corporate lending willingness or strengthening will be formed, which will certainly increase the future deposit interest rate. Promote the role.

  "In general, with the continued strengthening of monetary policy support to the real industry, it has a certain role in promoting the decline of loan interest rates. In the future, the floating power of deposit interest rates is limited, but there is still some room for floating." Wang Chenyu said.

  Beijing News reporter Cheng Weimiao