The Bank Financial Market Deducts Three Major Changes, Yield 6%.

This year, although the bank financing market has not brought us too many surprises, but with the introduction of a series of regulatory policies, the market of bank financial products has shown many new changes: the extension of bank financial products, the expected rate of return, and the bank's promotion of net worth financial products. At the end of the year, experts suggest that investors can take advantage of the allocation of medium and long term financial products to lock in the proceeds in the next six months, a year or even longer.

Extension of investment period

Regulation of financial products is tightening. In September, three ministries and commissions of the Banking Regulatory Commission, the Ministry of Finance and the Central Bank jointly issued the notice on strengthening the management of the deviation degree of commercial banks' deposits (No. 236), requiring that the deviation of the end of the month deposits of commercial banks should not exceed 3%.

Under this influence, at the end of the three quarter, the financial products of banks did not go up as usual, and the short-term financial products within the period of less than 3 months in the market were significantly reduced. According to Puyi wealth statistics, financial products accounted for more than 3 months of investment in 2013 accounted for less than 40% of the long-term financial products. From the beginning of this year, the proportion of these products has always been over 40%, and the trend has been rising for 3 consecutive months, up 10 percentage points compared with the beginning of the year.

According to China economic net reporter, when the off balance sheet financing is difficult to serve as a tool to return to the table, it may expand the scale of the guaranteed product. For banks, the financial funds of guaranteed capital products are counted as bank deposits from the beginning of the issuance to the date of maturity. Therefore, the bank expands the size of the guaranteed products and lengthen the investment period of such products, which can stabilize the daily average deposits of banks and effectively avoid the constraint of banks' deviation from the end of the month.

In addition, in July this year, the CBRC issued the notice on improving the organization and management system of bank financing business (No. 35), which clearly stated that "financial products should not be traded with each other, and they should not regulate earnings mutually". Under the constraint of regulators, the bank financing products trade with each other, adjust the income, and form a pool of funds in this way, and realize the operation mode of time mismatch and capital mismatch to complete rigid payment. It is difficult for banks to achieve short-term mismatch by rolling out short-term financial products to configure long-term assets. Premium Therefore, some of them turn to long term products.

Net value products are popular.

China economic net reporter noted that at present, ICBC, construction bank, Ping An Bank, Everbright Bank, China Merchants Bank and other banks have launched the net value management products, and some banks' net worth financial products have already reached a considerable scale. Unlike traditional closed or rolling products, this kind of net value product will have an opening period every month, and investors can choose whether to redeem it according to the individual capital use.

In August last year, the circular on regulating the investment and operation of commercial banks' financial management business (No. 8) restricted the proportion of non standard investment in banking investment, and proposed that we should clear up the "pool of funds" mode. Under this background, the bank financing market has to be spanformed, and one of the spanformation directions is the net value management product.

According to the relevant statistics, the amount of fund raising of open net value products increased significantly. In the first half of 2014, the largest increase in the amount of fund-raising in the banking financial institutions was the open net value product, which raised 1 trillion and 170 billion yuan, an increase of 174.53% over the same period last year, representing an increase of 2.37% in the proportion of all products raised from 1.27% in the first half of 2013.

Some people in the industry said: "with the further regulation of bank financing, the financial products will gradually return to asset management standard, plus the accelerated pace of interest rate marketization, and the net value of financial products is becoming the direction of bank financial products spanformation."

　　 Expected rate of return Go down

The fourth quarter is usually the time when banks are most short of money. Before this period, the financial products of banks will gradually increase. However, since October this year, the central bank has lowered the 14 day repo rate and the directional investment of joint stock banks to further enhance the market's expectations of loose liquidity, coupled with a series of market regulation policies previously issued by regulators, which led to a slight decline in the yield of recent property assets.

In particular, the expected yield of financial products issued by big state-owned banks is only 4%. Only a portion of small and medium banks' financial products yield is maintained at 5%-6%. According to statistics of the silver rate network database, in the second week of November, a total of 768 RMB non structural financial products were put on sale, with an average expected return of 5.04%, which has dropped for two consecutive weeks. Among them, the expected revenue reached or exceeded 6% of the financial products only 22, and more than a year long term products. The average expected rate of return is also much lower than that of products with different maturity types.

Looking forward to the four quarter, financial planners believe that the future market funds will continue to be relatively loose, which will lead to a downward trend in the overall yield of bank financial products and may continue for some time.

　　 End of the year investment strategy

With regard to the trend of financial management at the end of the year, the analysts of bank rate network suggest that the market funds will continue to be relaxed this year, and the expected rate of reduction is expected to be stronger. The average expected rate of return of financial products will not copy the trend of last year, and it will probably continue to fluctuate around 5%. If the demand for liquidity is low, we should try to choose a high yield product with a longer term of investment.

Professionals suggest that when banks fail to rush to deposit time, the yield of medium and long term financial products will gradually increase. Investors can take advantage of the allocation of medium and long term financial products to lock in the proceeds in the next six months, a year or even longer. If there is an annual product of nearly 6%, it will be hard to catch up if it loses.