Yield hits new low in 43 months
Recently, the rate of return on bank wealth management products has continued to decline, and some products even experienced negative returns in the middle of the year. According to statistics from third-party institutions, 334 banks issued 7,223 bank wealth management products in June. Among them, the average return rate of closed-end expected income RMB products was 3.79%, a decrease of 0.01 percentage points from the previous period, setting a new low in nearly 43 months.
Why does the bank's wealth management yield continue to decline? Will anything change in the future? In response, the reporter interviewed industry experts and scholars.
"Bank wealth management products are mainly invested in bond assets, and the income is mainly derived from bond interest and capital gains." Bu Zhenxing, a senior observer in the banking industry, said that on the one hand, the growth of the world economy has slowed, and central banks have taken measures to enhance liquidity and reduce Hedging methods such as interest rates have caused bond interest rates to fall, which has led to a continuous decline in the yield of wealth management products. .
Pu Kang standard researcher Yu Kang said that from the capital side, the central bank has put a lot of liquidity into the market through reverse repurchase, medium-term lending facilities, and other means. The cost of wealth management funds is low, which makes the wealth management product income decline; from the asset side, Recently, the yields of various types of bonds have continued to decline, which has led to a decline in the income of wealth management products that invest in fixed-income assets such as bonds.
In the opinion of industry experts, there are major uncertainties in the next stage of changes in bank wealth management returns. "As China’s social and economic recovery accelerates, the current monetary policy will gradually withdraw, and interest rates are likely to pick up, which will drive bond interest rate growth and contribute more revenue to wealth management products whose main target is bond investment, thus Promote the increase in income from wealth management products." Bu Zhenxing said.
Liu Yinping, an analyst at Rong 360 Big Data Research Institute, believes that the current market liquidity is still relatively loose, and the bank's wealth management business is also constantly transforming, and there is still some room for downward profitability of wealth management products in the second half of the year. "Currently, there is still considerable downward pressure on China's economic development. Relevant departments may use comprehensive tools such as RRR cuts and re-loans in order to maintain reasonable and sufficient market liquidity. Therefore, the income of fixed-income assets will remain at a low level. The income of bank wealth management products that mainly receive assets and investment will also remain low."
It is worth noting that many wealth management subsidiaries of banks have indicated that they will gradually increase the ratio of equity assets. In this regard, Yu Kang said that although the allocation of equity assets can enrich the investment strategy of wealth management products and obtain higher returns, in the net value operating environment, the increase in equity assets will exacerbate product net value fluctuations. The investment style of bank wealth management products is relatively stable. Although the equity market has performed better recently, the bank's wealth management funds will not increase the equity asset allocation too much. (Reporter Qian Qingni)