Reporter Peng Yan

　　At present, it is less than half a year before the completion of the rectification of cash management wealth management products. The bank is accelerating the progress of the transformation of cash management wealth management products, reducing the scale and adjusting the product form in accordance with regulatory requirements.

The "Securities Daily" reporter found that Industrial Bank and China Merchants Bank have recently adjusted the time limit for confirmation of application and redemption of cash management products, the amount of fast redemption and other rules, from "T+0" to "T+1", and the amount of fast redemption has been adjusted. From 50,000 yuan to 10,000 yuan, but also to make adjustments to the product manager.

　　"The adjustment is mainly to prevent possible liquidity risks in the process of application and redemption of wealth management products." Du Yang, a postdoctoral fellow at the Bank of China Research Institute, told the "Securities Daily" reporter that the current development of my country's wealth management market has entered the stage of high-quality development from the stage of scale growth , Cash management wealth management products, as an important part of bank wealth management, need to benchmark against mature international standards to improve the quality of development.

　　Some banks adjust redemption rules

　　On June 11, 2021, the China Banking and Insurance Regulatory Commission and the People's Bank of China jointly issued the "Notice on Regulating the Management of Cash Management Wealth Management Products". Management, liquidity management, etc. put forward normative opinions, and set a transition period until the end of 2022.

Standardized rectification mainly involves two aspects: First, the existing scale has been reduced. By the end of 2022, the proportion of cash management products of relevant bank wealth management subsidiaries will drop to 30%; Second, the asset side must meet the requirements of the new regulations, including investment scope and concentration. and asset duration are subject to rectification.

　　The reporter sorted out and found that some banks have recently adjusted the application and redemption rules for a variety of cash management wealth management products.

For example, Industrial Bank issued the "Announcement on Changes in the Sales Documents of Some Cash Management Wealth Management Products" to adjust the "Cash Treasure No. 4" private banking RMB wealth management products.

According to the change announcement, Industrial Bank plans to adjust the "Cash Bao No. 4" private banking RMB wealth management product from the previous "T+0" to "T+1" cash wealth management confirmed on working days on July 29.

That is to say, in the previous "T+0", investors bought before 15:45 on the working day to calculate the income on the day. After adjusting to "T+1", investors bought before 17:00 on the working day, and the next Earnings are calculated on working days.

In terms of redemption rules, when "T+0" is used, investors will receive the redemption on the same day before 15:45 on working days, and the upper limit of redemption outside 9:00-15:45 on working days is 50,000 yuan; adjusted to "T" After +1", the investor can redeem before 17:00 on the working day, and the account will be credited the next working day; 10,000 yuan for quick redemption quota per natural day.

　　China Merchants Bank has also recently issued a number of announcements on the adjustment of contracts for cash management wealth management products, making adjustments to the product manager, the time limit for confirmation of application and redemption, and the amount of quick redemption.

Taking Chaozhaojin (diversified and aggressive) as an example, its subscription, redemption, and rapid redemption have been adjusted.

Among them, the time limit for subscription and redemption confirmation has changed from "T+0" to "T+1" working day. Investors who subscribe or redeem before 15:30 on the working day will confirm or redeem on the "T+1" working day. The daily limit for quick redemption is 10,000 yuan.

　　In the interview, a bank customer manager told reporters, "It is expected that our bank will adjust some T+0 cash management wealth management products in the near future, and will gradually complete the relevant transformation before the end of the year."

　　"The rectification of cash management wealth management products is mainly to eliminate the types of assets that do not meet the requirements and the period for adjusting assets. Our bank has made adjustments in accordance with regulatory requirements, and it should be possible to complete the rectification within the transition period." Another bank customer manager express.

　　In an interview with a reporter from Securities Daily, CITIC Securities Chief Economist Mingming said that the adjustment of the redemption rules can avoid the liquidity risk caused by a large number of redemptions, and at the same time give investment managers more room to operate, to avoid redemption in order to deal with the same day. This results in excess cash flow in the account.

　　The rectification can be completed on time before the end of the year

　　In addition to the gradual rectification and regulation on the asset side, the scale of cash management wealth management products is also steadily decreasing.

According to the "Annual Report on China's Banking Wealth Management Market (2021)", as of the end of 2021, there were 316 cash management wealth management products in the whole market, and the existing balance reached 9.29 trillion yuan, a year-on-year increase of 22.89%, and the growth rate was higher than that of the previous year. It decreased by 41.95 percentage points over the same period.

However, in the first half of this year, cash management products rebounded slightly. At the beginning of June, according to the statistics of bank wealth management products included in the Puyi standard, the number of cash management wealth management products in existence was 435, a slight rebound from the end of the previous year.

　　Industry insiders pointed out that the issuance scale of cash management wealth management products in the first half of this year did not decrease compared to before, mainly because the equity market fluctuated greatly in the first half of the year. Liquidity and income, so the increase in scale is also a reflection of the demand side.

Judging from the scale of existing products, although some banks still have certain pressures in terms of product pressure drop, they can rectify them on schedule in accordance with regulatory requirements.

　　Mingming believes that although there are still many things that need to be rectified for the existing products, there is basically no problem in completing the rectification as scheduled, and the individual who cannot meet the target requirements will be handled by the regulatory department separately.

　　"However, there are still some difficulties in the current rectification. The major aspect of rectification pressure is asset allocation. The scope of cash management wealth management investment coupons stipulated in the new cash management regulations has been significantly narrowed, and the duration limit has also been strengthened. Most products Since the implementation of the new regulations, the rectification has begun. Due to the limited investment scope, the corresponding returns have been degraded. It is expected that the yield of cash management wealth management will decrease in the future, and the attractiveness to investors will be relatively reduced." Mingming suggested that in the After the rectification is completed, cash management wealth management can consider the allocation of interbank certificates of deposit with shorter term and higher qualifications under the regulatory requirements. In the face of customer loss, the parent bank's influence can be used for marketing.

　　Talking about the future development trend of cash management wealth management products, Xue Hongyan, deputy dean of Xingtu Financial Research Institute, told the "Securities Daily" reporter that in the long run, cash management products have effectively solved the need for some customers to balance profitability and liquidity. It has a solid demand foundation and is expected to maintain steady growth with the growth of residents' wealth in the future.

　　"It is a general policy trend to align the regulatory standards of similar asset management products. It is expected that the competition for products such as cash wealth management and monetary funds will be more intense in the future. However, under the general trend of falling deposit interest rates, there is also an opportunity to become an important substitute for deposit assets." Mingming express.

(Securities Daily)