Bank outlets did not see "getting together" foreign exchange wealth management managers said they still focus on "rigid demand"

  Our reporter Peng Yan

  The recent surge in the RMB exchange rate has attracted market attention.

What is the reaction of depositors under the rising renminbi exchange rate?

Recently, the "Securities Daily" reporter visited a number of bank outlets, but did not encounter a depositor who came to exchange foreign exchange.

Judging from the feedback from the staff of bank branches, “the number of customers who exchanged for US dollars this year has dropped significantly. Compared with the previous few months, the number of depositors who exchanged for US dollars has not changed significantly in recent times.” The manager said that due to the weakening demand for outbound travel, the recent exchanges are mainly based on "rigid demand", such as studying abroad or corporate needs.

  Depositors' exchange rate is not high

  Looking at the recent trend of the exchange rate of the RMB against the US dollar, it is not difficult to find that since the end of May this year, the RMB exchange rate against the US dollar has continued to rise.

According to data from the China Foreign Exchange Trading Center, the central parity of the RMB to US dollar exchange rate was 7.1316 on May 29. After that, the RMB to US dollar exchange rate began to appreciate gradually. The appreciation has increased in recent trading days, reaching 6.7374 yuan on October 15.

Take RMB 50,000 for US dollars as an example. In May, it will take about 356,000 RMB to exchange 50,000 US dollars, while the current exchange requires about 336,000 RMB, which can save about 20,000 RMB.

  Recently, "Securities Daily" reporters visited some bank outlets and learned that although the renminbi has appreciated sharply, depositors are extremely calm about the rise in the renminbi exchange rate. Even during peak business hours, there are few citizens buying foreign exchange.

  "Before National Day in previous years, many customers came to banks to exchange U.S. dollars for long holiday travel, etc. This year, affected by the epidemic, personal exchange rate business has dropped a lot compared with previous years. There has been a significant decrease in travel abroad and studying abroad, and the number of exchange customers has increased significantly compared with the same period. Decline." The relevant person in charge of a large state-owned bank said that the current exchange of foreign currency is mainly based on rigid demand, especially for families with children studying abroad and customers with long-term needs, they will buy in batches.

  "It is unclear whether the RMB exchange rate will continue to rise in the future, but compared with the exchange rate of more than 7 in the first half of the year, the current price can save a lot of money." The account manager of a joint-stock bank branch told a reporter from the Securities Daily. Recently, there has been "no increase" in the exchange of RMB for USD.

  It is reported that foreign exchange purchases can be handled through personal online banking, mobile banking, and self-service inquiry machines. If you need to exchange foreign currency for cash, you need to exchange through the bank counter, and most bank staff said that they need to make an appointment with the bank branch before cash withdrawal.

  In another branch of a joint-stock bank in Haidian District, Beijing, reporters consulted on currency exchange as a depositor. The financial manager of the branch directed reporters to the staff's counter specializing in currency exchange.

The bank’s teller said, “If you are buying foreign exchange, you can do it immediately. If you are buying foreign exchange and withdrawing cash, you need to make an appointment one working day in advance. The branch may not have sufficient foreign currency reserves every day.”

  "Some citizens who have a rigid need for the U.S. dollar in the future can consider buying foreign exchange when the U.S. dollar is relatively low, but don't buy it all at once. You can exchange it appropriately on dips." The bank staff also said that they are currently coming to bank branches to exchange foreign exchange. There are indeed very few customers withdrawing cash, but it is not ruled out that some customers purchase foreign exchange through the mobile App.

  Experts suggest to exchange foreign currency according to actual needs

  When a reporter from "Securities Daily" visited, several wealth management managers suggested that investors must figure out their purpose before exchanging foreign exchange.

If there is no demand for the use of foreign currency, then the change in exchange rate will actually have little impact on life; if it is for the purpose of asset preservation and appreciation, then it is necessary to think about the investment method after exchange.

"For ordinary people, the investment channels after conversion to U.S. dollars are relatively simple, mainly foreign currency deposits and U.S. dollar wealth management products. The returns are much lower than that of RMB deposits and wealth management in the same period. Moreover, there is a certain cost of converting foreign currencies into RMB, which is equivalent to possible Suffer a double loss."

  Due to the depreciation of the U.S. dollar, the yield of U.S. dollar wealth management products and the interest rate of time deposit products have both declined.

Compared with the 3%-4% yield of RMB wealth management products, the income of USD wealth management products is only about 2%.

As for the US dollar fixed deposit product interest rate, it is even less than 1%, which is more than 1 percentage point lower than the RMB time deposit interest rate of the same maturity, and is almost the same as the RMB current interest rate of 0.3%.

  "Recently, our bank has reduced the 1-year USD time deposit from 0.8% to 0.35%. Coincidentally, the benchmark interest rate of 1-year USD wealth management products has dropped from 1.95% to 2.25% to 1.25% to 1.55. %.” A wealth management manager of a state-owned bank told reporters that recently, few citizens come to consult, purchase foreign currency wealth management products, or apply for US dollar certificates of deposit. After all, the yield of foreign currency wealth management products is too low.

  It is reported that some banks have not recently sold foreign currency wealth management products, and some banks have stopped selling foreign currency wealth management products. Even major state-owned banks have sold foreign currency wealth management products intermittently, even once every few months.

  Industry experts believe that in the medium and long term, the RMB exchange rate is expected to remain stable, and the future will mainly be dominated by stable and medium two-way fluctuations.

At the same time, experts reminded that although the RMB may be expected to continue to appreciate in the medium and long term, it is recommended that you still buy or sell foreign exchange based on actual needs.

  Zhu Qibing, an analyst at BOCI Securities, said that the main reason for the appreciation of the renminbi since June is that the effective prevention and control of the epidemic, the first recovery of the economy, the widening of domestic and foreign interest rates, and the weakening of the US dollar index have overcome the negative news.

But this is still a normal two-way fluctuation.

  "The current renminbi exchange rate tends to be balanced and reasonable. With the increase in the degree of marketization of the exchange rate and the increase in flexibility, under the influence of various long and short intertwined factors, there is a high probability that the renminbi exchange rate will show a trend of large opening and closing and two-way shocks." Zhu Qibing Called.

(Securities Daily)