A-share circuit breaker mechanism debuts How should you deal with your investment?
2016-01-04 Zhaocao Caimao Finance Maoyan Finance Maoyan
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A-share circuit breaker mechanism is on the market, is your investment okay?
Classic short novels became a reality at the beginning of the new year: the circuit breaker mechanism, you can’t buy and sell every day with the blink of an eye. On the first day the circuit breaker mechanism in China's A-share market officially took effect, thousands of stocks hit the limit, the circuit breaker mechanism of large-scale online games was successfully tested, the RMB exchange rate depreciated to a new height, the mid-price fell below the 6.5 mark, and financial migrant workers were happy and unrestrained for half a day of vacation!
There is a circuit breaker mechanism that is worse than the limit down of thousands of stocks
January 4, 2016 is the first trading day for the official implementation of the Chinese version of the index circuit breaker mechanism. After four days of rest, the RMB depreciated again, and the circuit breaker mechanism of A-shares was triggered. After asking the Du Niang, I realized that I had to look at the calendar for stock trading.
fell sharply by 4% in one hour in the early trading, the Shanghai Composite Index fell by more than 4%, the Shenzhen Component Index fell by more than 5%, and the ChiNext Index fell by more than 5%, and the ChiNext Index fell by more than 5%, and the Shanghai Composite Index fell by more than 2,600 points.
opened in the afternoon, and the index continued to fall deeply. 13:13, the Shanghai and Shenzhen 300 index slipped into 5%, and it also added to reach the circuit breaker set point. In fact, more than 100 stocks have already hit the limit first.
15 minutes later, at 12:33, the Shanghai and Shenzhen 300 Index plummeted again, falling 7%, and A-shares closed directly. The scene of thousands of stocks hitting the limit is staged again. It's unprecedentedly early! ! Many industry insiders sighed that it is a vivid investor education class.
According to the trading rules of the A-share circuit breaker mechanism, once the rise and fall of the Shanghai and Shenzhen 300 Index exceeds 5%, all A-shares will be suspended for 15 minutes. After 14:45 minutes, the rise and fall of more than 5%, or the rise and fall of the Shanghai and Shenzhen 300 Index exceeds 7%, the trading time will be suspended until the closing. After the circuit breaker of
, the screen of my friends was filled with financial migrant workers and jokesters
"Mom, I'm back!" At two o'clock in the afternoon, Xiao Wang, who had just worked for more than 4 hours in xx Securities Company, knocked on the door. At the same time, the status of other colleagues is like this...
If you don't understand what it means to fuse, go back and turn on all the appliances in your house, air conditioning, electric heating, and all the electric blankets, then go to the power supply well to guard your house, look at your fuse... Look, just look...
Fuse is like half of it being pinched on you with a clip. So what will happen after the clip is released?
However, some investors began to pay attention to the possible impact of circuit breakers being transmitted to investors after lamenting the miracle. It is inevitable that investors will also encounter a series of new problems in fund subscription and redemption.
Assuming only 5% of intraday circuit breakers
Assuming only 15 minutes of intraday circuit breakers, when investors and investors encounter the same 5% circuit breaker, the subscription and redemption of investors will not be affected in any way, that is, the liquidity of investors will not be affected.
However, when a 7% circuit breaker comes or a 5% circuit breaker occurs 15 minutes before the closing, the situation is very different.
According to the current rules, when the above situation occurs, the transaction on the exchange has stopped on the day. What should the fund do at this time? If you buy a fund that has nothing to do with the A-share market, then no matter how the circuit breaker is, it has nothing to do with you. These funds include QDII funds (except for some listed ETF funds, because the entire market has stopped trading, so the transaction of ETF funds has also stopped, but subscription and redemption will not be affected), money market funds, wealth management bond funds and other bond funds that do not include index circuit breakers in the investment scope of the fund contract. The opening hours of these funds' subscription and redemption are not affected by index circuit breakers, and investors do not have to worry about the liquidity difficulties caused by circuit breakers.
However, except for the above funds, all other funds will be affected by circuit breakers. These funds include: other stock funds, mixed funds, and bond funds and other funds with index circuit breaker varieties in the investment scope of the fund contract.The specific impact of the impact is: starting from the circuit breaker, all applications for subscription and redemption, including fixed investment, fund conversion and other related transactions will not be accepted!
If circuit breaks to the closing, what kind of outcome will the investors still submit an application for subscription and redemption?
If you submit an application through the fund company's direct sales counter and online trading system, this application will not be invalid and will be transferred to the next trading day for processing, that is, the commission will continue to be valid by default. Of course, you can also change your mind on the next trading day. However, in the second case, you are not applying for the above application at the fund company's direct sales counter or official website. Then, how to deal with it, you have to ask your agency sales channel.
The fund company said that when an index circuit breaker occurs, the fund manager may delay the payment of fund redemption according to the agreement of the fund contract. When the index circuit breaks and is accompanied by huge redemption of the fund, the fund manager may partially defer or suspend the redemption of the fund according to the agreement of the fund contract and prospectus.
It should be noted that suspending redemption means that your wish to redeem today will be disappointed! The professional statement is: by then, the application submitted by investors before the circuit breaker may also be partially or completely rejected, so investors are advised to pay attention.
So, don’t think that you submitted your redemption application early in the morning and your money will come back at the speed of last year! Your money is likely to be unable to be redeemed because of the circuit breaker and because everyone wants to redeem it in advance! Of course this is temporary!
Overseas shopping: The exchange rate continues to fall and will face price increases
RMB exchange rate has also depreciated to a new level, and the friends in the overseas shopping group are also about to cry.
"Now the mid-price has reached 6.5. If the RMB exchange rate falls again, I may have to raise the price..." Xiao Huang, who studies part-time as a purchasing agent in the United States, had to send a "breathless" preview on his circle of friends.
cross-border e-commerce platform Guangcai International introduced that since the goods currently being sold in advance in the early stage of RMB depreciation, the impact on commodity prices has not been reflected, but exchange rate fluctuations will definitely have an impact on price. "Commodity pricing will not only consider the exchange rate, but also consider labor, customs declaration, warehousing, logistics and other expenses. In order to maintain the advantage of commodity price, we dare not raise prices easily in the short term." Shi Yu, general manager of
Trading Group E-Commerce Co., Ltd., believes that if the profit margin of cross-border e-commerce is around 20%, it can still cover the exchange rate adjustment cost. But in the medium and long term, if the value continues to depreciate, it will inevitably make fine adjustments to prices.
Study abroad: Try to buy foreign exchange in batches at low prices
Student Lu, who is about to go to the United States to study for a master's degree, is glad that he exchanged 20,000 US dollars before this round of RMB depreciation, "enough to receive about a year of living expenses."
Bank financial analyst believes that the depreciation of RMB will inevitably increase the cost of studying abroad for those who do not have US dollar reserves. If the value continues to depreciate in the future, it will have a greater impact on the young study abroad group who still have to study in the United States for seven or eight years. A person from the Financial Services Center of the Chongqing Branch of Bank of China reminds that international students should pay more attention to exchange rate fluctuations when they go abroad to exchange foreign exchange. When the RMB exchange rate rebounds, seize the opportunity to exchange foreign exchange and reserve more US dollars.
Citizen Financial Management: Appropriately allocate foreign currency assets
For citizens who have actual foreign exchange needs in the future, how to manage their financial resources after exchanging US dollars is a concern for citizens. Financial planners from the Chongqing Branch of Bank of China analyzed that investors need to make evaluation decisions based on their own asset status, risk preferences, and liquidity needs. It should be noted that the current interest rate of US dollar fixed deposit is very low. Citizens can buy bank fixed income foreign currency financial products at the right time to obtain higher returns if they hold US dollar study abroad funds. For investors with strong risk tolerance of tens of millions of assets, they can purchase financial products linked to the US dollar index or participate in foreign exchange trading with US dollars.In the medium and long term, the risks of single assets and single regional investment are huge, and global asset allocation has irreplaceable advantages in diversifying investment risks.
Some pictures in this article are from the Internet
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