The new bank wealth management regulations were officially issued on September 28. According to the new regulations, the investment threshold for public financial products has dropped significantly from the previous one not less than 50,000 yuan to no less than 10,000 yuan.
Bank responded quickly to this. In recent days, the subscription threshold for some financial products of many major banks such as CCB, Agricultural Bank of China, China Merchants Bank, Bank of China, Bank of Communications and other major banks has been reduced in batches. Eligible investors can subscribe to some bank financial products from 10,000 yuan.
According to the announcement, most of the products that have lowered the subscription threshold this time are open bank wealth management products with strong liquidity and more flexible purchase and redemption. Industry insiders judged that from the perspective of yield, the advantages of open bank wealth management products are not very obvious compared to Internet baby wealth management products, but interest can be calculated by buying on the same day. With the lowered subscription threshold and the vigorous marketing and promotion of banks, their overnight income advantages will be highlighted, diversion of funds for Internet wealth management products.
Bank wealth management products subscription thresholds are intensively lowered
On September 28, the China Banking and Insurance Regulatory Commission issued the "Regulations on Supervision and Administration of Commercial Bank Wealth Management Business", which was announced as the supporting implementation rules of the "Guiding Opinions on Standardizing Asset Management Business of Financial Institutions" (hereinafter referred to as "New Asset Management Regulations"), and will come into effect on the date of public announcement; the new regulations distinguish between public and private wealth management products, and significantly reduce the investment threshold of public wealth management products from the previous one not less than RMB 50,000 to RMB 10,000.
The new bank wealth management regulations have just been implemented, and many banks have quickly announced the starting point of some wealth management products to 10,000 yuan.
Bank of Communications: Reduced the starting point of sales of some wealth management products to 10,000 yuan, which will take effect on the day of
On October 8, the Bank of Communications announced that according to the "Regulations on Supervision and Administration of Wealth Management of Commercial Banks", it is planned to adjust the starting amount of some stocks sold to individual customers and the starting amount of public wealth management products for sale to 10,000 yuan from October 8, 2018. At the same time, the deposit amount of some structured deposits products has also been adjusted, and the specific price is subject to the product manual/product agreement.
According to the announcement, the first batch of adjusted wealth management products include: "Delibao? Tiantianli" F, "Delibao? Tiantianli" A, "Bank of Communications? Cash Tianli" No. 1 net value RMB wealth management product (elements), "Delibao? Tiantianli" C, "Delibao? Tiantianli" D, "Delibao? Tiantianli" D good business version, "Delibao? Tiantianli" D salary version, "Ward? Yuexiang 28 days" net value renminbi wealth management product, "Delibao? Ward Tianli" red five-version series, "Delibao? Ward Tianli" series part, "Delibao? Bank of Communications" series, "Delibao? Salary Management" Jingpin March series, "Delibao? Ward Tianli" 83-day series, "Delibao? Ward Tianli" 120-day series, etc.
The first batch of adjusted structured deposit products include: Tiantianxi structured deposits and fixed-term structured deposits issued by some head office branches. The specific list is as follows:
China Merchants Bank : From tomorrow, the subscription threshold for some wealth management products will be lowered to 10,000 yuan
China Merchants Bank announced on September 30 that it will adjust the sales starting point of some cash management products of the bank to start from 10,000 yuan; the additional share will be increased by 1 yuan; the minimum number of existing shares is the same as the starting point of sales.
China Merchants Bank stated that according to Article 30 of the "Regulations on Supervision and Administration of Wealth Management of Commercial Banks": If a commercial bank issues public wealth management products, the starting point of sales of a single investor shall not be less than RMB 10,000. Based on this, China Merchants Bank plans to make batch adjustments to the starting point of sales of some financial products such as retail channels, private banking channels, corporate channels, and interbank channels from October 9, 2018.
The first batch of adjustments include Chaozhaojin series of wealth management products, Ririying series of wealth management products, and Ririxin wealth management products. The main content includes the adjustment of the sales starting point of wealth management products to start from 10,000 yuan; the additional share is 1 yuan increment; the minimum number of existing shares is the same as the sales starting point; the product "raiser method" element information is increased; each product is synchronized with the above standards.
On the same day on September 30, the announcement stated that the first purchase threshold for some financial products was lowered to 10,000 yuan. Construction Bank , Agricultural Bank of China and Bank of China were also .
Among them, CCB issued the "Announcement on the Adjustment of the First Purchase Starting Amount of the Open Net Value RMB Financial Management Products of China Construction Bank on its official website, and adjusted the starting point of the first purchase of the product, that is, the starting point of the first purchase of the product was adjusted from RMB 50,000 to RMB 10,000. The above adjustment was officially launched at 17:00 on September 30, 2018. This is also the first bank wealth management product to lower the first purchase threshold in accordance with the new regulations after the implementation of the new bank wealth management regulations on September 28.
Agricultural Bank of China also announced a cut to the starting point of sales of 43 wealth management products. The product categories include cash management, stock index linkage, gold futures linkage, and legal person exclusive financial products, as well as some foreign currency financial products. The new starting point amount applies to the subscription/subscription funds on October 1, 2018 and beyond.
On the same day, the Bank of China also announced that starting from October 1, the starting point of some public financial products in the following table will be adjusted to the equivalent value of RMB 10,000.
Tonight, Guangfa Bank announced that it will lower the sales starting point of some non-guaranteed wealth management products to 10,000 yuan from tomorrow, "adjust the sales starting point of some public financial products to RMB 10,000 yuan. The adjustment scope includes the "daily salary and monthly benefits" RMB financial management plan on sale, the "daily salary" RMB financial management plan, Guangyin Anfu "weekly profit" RMB financial management plan, Guangyin Anfu "sharp-in-one" RMB financial management plan, and the "sharp-enjoy" net worth RMB financial management plan. The specific information is subject to the product instructions."
In addition, some urban commercial banks have followed the policy dividends and actively lowered the sales starting point of financial management products for specific groups. For example, a Zhongyuan Bank exclusive financial management product with farmers' exclusive financial management product dropped to 10,000 yuan from October. The reporter learned from the bank's relevant product manager that around rural revitalization and farmers' wealth management products, "there were first started at 50,000 yuan, and many farmers could not afford it. They could only settle for the second best and choose regular products with lower returns." "This product is not sold to urban customers, but is specifically for county customers."
interest calculation on the same day, flexible purchase and redemption, attracting investors with small amounts of funds
In the view of industry insiders, banks, fund companies, trusts and insurance in the asset management market each had their own strengths and were positioned at different customer groups. After the new asset management regulations, while breaking the bank's rigid repayment, they will also rebuild the competitive landscape of the asset management market. Yin Yanmin, editor-in-chief of
Rong360 Big Data Research Institute, told Securities China reporters, "In the past, the threshold of 50,000 yuan has blocked many investors with smaller funds. With the lowering of the threshold for bank wealth management products, it is conducive to banks' expansion of customers and attracting young investors. The threshold for bank wealth management products and public funds has been further narrowed."
Judging from the current bank's announcement, the threshold for bank wealth management products has not been reduced to 10,000 yuan. For example, most of the products in the announcement of Bank of Communications are open-ended wealth management products. This type of product is the "vanguard army" of bank wealth management products that break the rigid guarantee, but for the customer group of bank wealth management products with low risk preference and more accustomed to guaranteeing principal and profit, such products have always been unoptimistic in terms of sales, and the reduction of investment threshold is conducive to bank marketing.
China Merchants Bank announced that the Chaozhaojin series of wealth management products, Ririying series of wealth management products, and Ririxin series of wealth management products, which have lowered the sales starting point. Compared with other products, the purchase and redemption of such wealth management products are more flexible. "Enterprise will be calculated on the day of purchase. It will be redeemed before 4 pm on the working day. The principal and interest will be received on the same day. It is also very convenient to redeem large amounts quickly." A front-line staff from China Merchants Bank told reporters that ordinary investors who meet the conditions can purchase it by using their mobile phones, and the above-mentioned financial products will be adjusted in large quantities from tomorrow.
In terms of income, based on the 8166/8169 and other products of China Merchants Bank's Ririying Wealth Management Plan, the 7-day annualized rate of return is 3.35%~3.55%. As an open bank wealth management product, the advantage of yield is not very obvious compared to the baby products of Internet wealth management. However, from the perspective of investment time, Internet baby products are generally purchased before 15:00 on the working day and interest is calculated from the second working day, while open financial products can be purchased on the working day, and the overnight income advantage is highlighted.
"The previous threshold of 50,000 has curbed the demand of many investors with small amount of funds. Now the threshold is lowered to 10,000 yuan, and the advantage of interest calculation is more prominent. For investors with low capital volume, the overnight return advantage of some open bank wealth management products is more attractive." Yin Yanmin judged that many investors do not understand this characteristic of open wealth management products, but as banks increase their marketing and promotion of open wealth management products, open bank wealth management products with strong liquidity in the future will divert funds from Internet wealth management products.
"In the past, in the development of bank wealth management, the most core of channels was the way; after the new bank wealth management regulations, the most core of bank wealth management should be the product." Qu Qing's team from Huachuang Securities Asset Management Department analyzed that in the past financial management practices, banks focused more energy on the asset side. After all, the financial management liability side was very rigid; but in the future, the financial management business will develop in a refinement direction, and the asset management department should work together with the retail department. For example, the retail department will promptly feedback the needs of end customers to the asset management department, and the asset management department will design the product based on the feedback and make arrangements for product liquidity in advance.
This article is from brokerage China
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