China Times (www.chinatimes.net.cn) reporter Feng Yingzi Beijing report
In the context of strict regulatory requirements and banks' optimization of debt structure, the former "storage-gathering tool" structural deposit scenery is no longer glorious.
Recently, the central bank released the latest data showing that as of the end of June 2022, the scale of structured deposits of Chinese banks was 5.56 trillion yuan, a decrease of more than 200 billion yuan from the end of May, and a decrease of 56.42% from the peak of 12.14 trillion yuan in 2020.
htmlOn August 2, a reporter from the China Times visited and found that many large banks such as Industrial and Commercial Bank of China, Postal Savings Bank, and Construction Bank have no structured deposit products on sale in Beijing. At the same time, many investors told the reporter of the China Times that the yield of such products has declined, and that many products will only reach the lowest yield when they expire this year.Structural deposit advantages are no longer
Since the release of the "New Asset Management Regulations" in 2018, guaranteed financial management and rigid redemption have gradually withdrawn from the historical stage. Structural deposits that take into account both returns and risks have once become a powerful tool for banks to attract deposits. At that time, structured deposit products with expected yields above 4% were common.
However, since the beginning of this year, due to the impact of the epidemic and international factors, A-shares have fluctuated significantly, and global commodity prices have fluctuated significantly, and market risks have been significantly intensified. Uncertainty has also increased in structured deposits, which were once considered as a substitute for "principal guaranteed income" financial management.
"I purchased a structured bank deposit, and the interest rate of one year is only 0.5%. "
"I bought a structured deposit for half a year and finally expired today. The principal interest rate of 50,000 yuan is only 123 yuan."
html On August 2, several investors told the reporter of the China Times that the interest rate of the bank structured deposits it purchased did not meet expectations.The biggest difference between structured deposits and other bank deposits is that structured deposits are embedded with financial derivatives, which enable depositors to obtain corresponding rates of return on the basis of taking certain risks.
"The situation during this period is special. Due to the relatively large changes in the market, there are several recent periods of maturing products, and customers have achieved the lowest returns." A financial manager of China Merchants Bank told a reporter from the China Times that in previous years, gold prices will not fluctuate too much. If it is a three-tier product, ordinary investors can obtain intermediate returns. However, gold prices have increased this year. Regardless of whether the products purchased are bullish or bearish, customers have achieved the lowest returns.
A reporter from the China Merchants Bank mobile APP found that among the structured deposit products currently on sale, there are three gold-linked products, of which the interest rate of the two-layer products is at least 1.10%, and the lowest interest rate of the three-layer products is at least 1.65%.
In addition to market uncertainty, banks are also actively reducing the yield on structured deposits. Recently, the Bank of Communications issued an announcement stating that it will gradually adjust the yield range of 8 "weekly weekly profits" and 4 "weekly profits" structured deposit products starting from August.
Among them, the product yield ranges of "Zhou Zhouying" No. 1 to 6, "Zhou Zhouying" Huandabao and "Zhou Zhouying" merchant Bao Zun are all adjusted to 1.48%-2.8%; the product yield ranges of "Yue Yueying" No. 1 to 4 are all adjusted to 1.48%-2.98%.
It can be seen that the minimum annualized rate of return of the above 12 products has not changed, and the highest annualized rate of return has dropped by about 20 basis points compared with the previous one. Taking "Zhou Zhouying" No. 1 as an example, the highest annualized rate of return of this product was 3%. According to the official website of Bank of Communications, the final annual yield of the product when it expires is 3%. However, after this adjustment, its maximum return fell to 2.8%.
Regarding the reasons for the adjustment, an account manager of the Bank of Communications told the reporter of the China Times: "It will get lower and lower in the future." The main reason is that market interest rates are down, fixed deposit interest rates have also been declining, and structured deposit interest rates will be adjusted accordingly.
Rong360 Digital Technology Research Institute data statistics show that the average expected intermediate rate of return on RMB structured deposits issued by banks in June 2022 was 2.97%, a month-on-month decrease of 2BP; the average expected highest rate of return was 3.58%, a month-on-month decrease of 1BP.
"Downgrading the structural deposit yield will help alleviate the pressure of narrowing the net interest margin."Liu Yinping, an analyst at Rong360 Digital Technology Research Institute, believes that the overall interest rate of banks' ordinary deposits has fallen this year. From April to May, national banks and local banks have successively lowered the interest rates of ordinary fixed deposits, large-denomination certificates of deposit, and special deposits, among which the long-term interest rate has dropped significantly.
In recent years, regulatory authorities have been guiding banks to reduce debt costs and restrict the high-interest deposit acquisition behavior of some banks.
In April this year, in order to promote the further marketization of deposit interest rates, the People's Bank of China guided the establishment of marketization of deposit interest rates. Adjustment mechanism. Members of the interest rate self-discipline mechanism can independently and reasonably determine their deposit interest rate levels based on their own situation, referring to the bond market interest rates represented by the 10-year treasury bond yield and the loan market interest rates represented by the one-year LPR.
At the press conference on financial statistics in the first half of 2022, Zou Lan, Director of the Monetary Policy Department of the People's Bank of China, introduced that since the establishment of the mechanism, various banks have actively adjusted the deposit interest rate levels based on changes in market interest rates. According to preliminary statistics, in June this year, new deposits from banks across the country were The weighted average interest rate is about 2.32%, which is 0.12 percentage points lower than the April before the adjustment.
At the same time, Zou Lan proposed that the establishment of a market-oriented adjustment mechanism for deposit interest rates has significantly improved the market-oriented pricing ability of deposit interest rates, which is conducive to maintaining a good competitive order in the deposit market, stabilizing bank debt costs, promoting the reduction of actual loan interest rates, and better supporting the development of the real economy.
It can be seen that from April to May this year, large state-owned banks and joint-stock banks have successively lowered large deposits. The interest rates of order and fixed deposits, which have higher cost, have a more obvious decline in medium- and long-term deposit interest rates.
Zhou Jingtong, a senior economist at the Bank of China Research Institute, mentioned that some banks with better deposit foundations can reduce the scale of high-interest liabilities in order to adjust their own debt structure and reduce the pressure of narrowing the net interest margin of banks.
Many large state-owned banks suspend the issuance of structured deposits
"At present, there is only one US dollar product, and there is no structured RMB deposits. "On August 2, an ICBC financial manager told the reporter of the China Times that supervision strictly regulates structured deposits, and no RMB structured deposit products should be issued in the short term.
The China Times reporter visited many banks and found that many large state-owned banks have taken down or reduced structured deposit products. Taking ICBC as an example, the bank currently only has one "personal foreign currency structured deposit" product, with an interest rate of 1.20%-1.60%, while RMB products are no trace.
At the same time, Postal Savings Bank of China currently has no related products on sale. The bank's financial manager told the China Times reporter: "No product is during the subscription period, and no notification has been received for the issuance of structured deposit products. "
The most recent personal structured deposit product found on the official website of Postal Savings Bank of China, the subscription time is still between October 12, 2019 and October 21, 2019. Similar situations of
also occurred at China Construction Bank, which has no structured deposits sold in Beijing. Relevant staff told the reporter of the China Times that the two recently subscribed "Lideying structured deposit" products are only sold in Anhui, Chongqing and other places, and have been completed on July 31. Among the six major state-owned banks, the Bank of China, Bank of Communications and Agricultural Bank of China still sells them, but the product types are relatively The previous decrease was significantly reduced. A financial manager of the Agricultural Bank of China mentioned to the reporter of the China Times that there are only two structured deposit products, and the yield rate is not high, and the deposit products sold are not good. The "Yanlifeng" series are good.
Agricultural Bank mobile APP shows that the bank's two structured deposit products are "Huilifeng 90 days" and "Huilifeng 190 days", which are linked to the exchange rates of the euro and the US dollar, with interest rates of 1%-1.75% and 1%-2% respectively.
In addition, the account manager of a joint-stock bank told the reporter of the China Times: "Structural deposits are within the scope of rectification required by the regulatory requirements and will be cancelled in the future. In the short term, we will still have it, but it may be within the scope of cancellation in the future. "
, as a former "storage tool", the scale of structured deposits once exceeded 12 trillion yuan at the end of April 2020. Now, under the background of strict regulatory requirements and banks' optimization of debt structure, structured deposits are no longer in the glory.
Central Bank data shows that as of the end of June 2022, the scale of structured deposits of Chinese banks was 5.56 trillion yuan, a decrease of more than 200 billion yuan from the end of May. Compared with 2020, the overall scale has shrunk significantly.
Among them, as of the end of June, the balance of RMB structured deposits of large Chinese banks was 1.91 trillion yuan, and the balance of RMB structured deposits of small and medium-sized Chinese banks was 3.65 trillion yuan.
On October 18, 2019, the China Banking and Insurance Regulatory Commission issued the "Notice on Further Standardizing Structured Deposit Business of Commercial Banks", requiring that "fake structured deposits" need to be rectified after a one-year transition period.
After that, the regulatory authorities have guided some large and medium-sized banks to reduce the scale of structured deposits. With the regulation and rectification of the structured deposit market, the scale and rate of return have gradually shown a volatility and decline.
In addition to regulatory requirements, banks are also actively strengthening debt cost management and actively reducing the scale of structured deposits. Zhou Maohua, a macro researcher at the Financial Market Department of Everbright Bank, analyzed that, first of all, under the background of strengthening deposit market supervision, banks actively adjust their debt structure to reduce the cost of comprehensive debt. On the other hand, fiscal and monetary policies continue to exert force, market liquidity remains abundant, which greatly alleviates the pressure on banks' liabilities, resulting in a decline in willingness to attract deposits. In addition, the attractiveness of the yield of some structured deposit products has weakened.
"The future yield and scale of structured deposits will have a certain downward space, but the decline will be relatively slow." Liu Yinping said that structured deposits are high-cost deposits. If banks want to reduce the cost of deposit acquisition, they need to optimize the deposit structure and lower the quantity and price level of higher cost deposits.
Zhou Maohua also mentioned that since the beginning of the year, the overall scale of domestic structured deposits has declined steadily, but the decline has slowed significantly compared with last year, and the subsequent decline is expected to continue to slow down.
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