At the end of the transition period of the new asset management regulations, wealth management products will break the rigid redemption. This year, 65438+ 10 1, the last day of the three-year transition period ended, which means that the new asset management regulations have officially landed since this year, and it also shows that the wealth management products in the asset management industry will break the rigid redemption, and the capital-guaranteed wealth management products will officially withdraw from the market.
The seller is conscientious and the buyer is conceited.
It has become a new stage in the financial market.
Starting from 20 18, the central bank, the China Insurance Regulatory Commission, the China Securities Regulatory Commission and the State Administration of Foreign Exchange jointly issued new regulations on asset management, explicitly requiring that the asset management business should not promise to protect the principal and the income. The three-year transition period has ended, which also means that this new regulation will officially land.
What is rigid redemption?
Rigid redemption means that after the trust product expires, the trust company must distribute the principal and income to investors. When the trust plan fails to be paid on time or it is difficult to pay, the trust company will respond by issuing new products.
This may be difficult to understand. Let's give an example.
Lao Wang went to a financial institution and bought 6.5438+0 million wealth management products. At the time of purchase, the financial institution promised that this is a rigid payment financial product. After the expiration of two years, you can get 6.5438+0.2 million yuan.
In other words, in these two years, whether the financial institution is profitable or losing money, it has nothing to do with the buyer. Upon maturity, the principal will be 6,543,800+0,000, and the income will be 200,000. And this is the so-called rigid redemption.
What is the purpose of canceling rigid redemption?
In fact, the cancellation of rigid redemption began as early as June 2017,65438+10, and the transition period of more than three years is to let rigid redemption completely land.
Some people think that because trust assets are difficult to transfer, if there is no rigid redemption, many investors will not dare to buy trust products, which will also cause a heavy blow to the trust. Moreover, some people think that most trust products cannot be easily transferred and sold like stock funds, and the liquidity of trust assets is poor and the investment starting point is high. If there is no rigid redemption, the interests of securities investors cannot be guaranteed.
However, according to professional analysis, such rigid redemption is actually
It deviates from the matching of risk and income, and high income contains high risk.
The law of this capital market. Let the overall domestic financial market gradually become very distorted, which is not conducive to the policy development of the market economy.
This time, the new regulations on asset management have been clearly defined.
The meaning and manifestation of rigid redemption
First, the issuer or manager of asset management products violates the principle of true and fair net value determination to ensure the capital preservation and income of the products. (Violation of the financial rules that high returns mean high risks)
Second, the rolling issuance method is adopted, so that the risk of principal income of asset management products can be transferred among different investors to ensure the product's capital preservation. (Risks are transferred under the operation of various financial institutions, eventually laying a hidden danger for the storm. )
Third, when a certain asset management product cannot be redeemed as scheduled or is difficult to redeem, the financial institution that issues or manages the product will raise funds by itself or entrust other institutions to pay on its behalf. Such a vicious circle will accelerate the collapse of the financial market and damage the operating rules of the market.
Fourth, other circumstances identified by the financial management department. All of the above are considered as several forms of rigid redemption.
This is also an important reason why we should cancel the rigid payment, in order to stabilize the policy development of the market economy and make the financial system proceed in a healthy and orderly manner.
Will the cancellation of rigid payment by banks also affect depositors' deposits in banks?
Stiffness exists not only in major trust institutions, but also in banks, such as some wealth management insurance products launched by banks.
In order to attract more depositors to buy other financial products such as wealth management, the bank has introduced a commitment of rigid redemption, and the bank itself has a good reputation and can protect its capital, so more depositors choose to buy capital-guaranteed wealth management products.
In fact, there are great risks in this. Wealth management products are not deposits. In the event of a large-scale loss, banks should pay rigid compensation to customers. If the bank's funds are sufficient and good, it can appropriately reduce profits to pay customers, but it is also likely to produce a series of systemic risks, which is not conducive to the development of the bank. If the bank's funds are not enough to pay customers rigidly, then the bank's reputation will be affected.
The loss of bank's reputation means that it is not far from bankruptcy, and with the influence of Matthew effect, it is difficult for such banks to survive.
Some people may want to know,
If I buy government bonds in the bank, will I also face the problem of rigid payment?
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The new asset management regulations came into force on June 65438+1 October1in 2022, and all kinds of wealth management, bonds and trust products will not be able to protect the principal and interest, which means there is no rigid payment.
National debt is also among them, and the new asset management regulations have landed in the national debt market, and there are also price fluctuations. The rigid payment promised by the bank before has become a dead letter at this time. The financial market is the same as our vegetable market. Everything in the market has a price. If there is a price, there will be fluctuations. If there is fluctuation, there will be profit and loss, and so will the national debt.
Without rigid payment, there is also the possibility of a certain loss in purchasing government bonds, but this is much better than other wealth management products. After all, the national debt is issued by the Ministry of Finance, which is relatively reliable.
After the bank cancels the rigid payment, will there be losses on the large deposit certificates purchased by the bank?
Not exactly.
Certificate of deposit is a kind of deposit product with certain risks, which is issued by banks themselves. Many people see that self-raised funds are issued, which has certain risks. In addition, now that the bank has cancelled the rigid redemption, will there be losses in investing in large deposit certificates?
Actually, there is no need to worry. We must first understand that CD is a deposit product. According to the guidance of the new asset management regulations, it can be known that the bank's deposit products are not among the cancellation of rigid redemption.
In other words, the large deposit certificate we bought will not cancel the rigid redemption. Moreover, the certificate of deposit we are talking about is a self-raised deposit product of the bank, which has certain risks. Among them, a certain risk refers to the amount of 500,000 yuan in the Deposit Insurance Regulations.
In the Deposit Insurance Regulations, as long as the deposit amount does not exceed 500,000 yuan, the principal and interest of the deposit can be guaranteed no matter what happens to the bank.
Therefore, when buying a large deposit certificate, as long as the principal of the purchase is controlled not to exceed 500,000 yuan, it can be said that there is no risk and the income is still very stable.
What are the advantages and disadvantages of the new asset management regulations for our depositors?
The implementation of the new asset management regulations has cancelled rigid redemption. In fact, this is conducive to maintaining market stability and is beneficial to our depositors, banks and other financial institutions.
For banks and other financial institutions, on the one hand, after the cancellation of rigid redemption, other products such as insurance wealth management are not as good as before, but this loophole with major risks has been fundamentally solved.
The more standardized the market, the healthier the development of such banks and financial institutions.
After the cancellation of rigid redemption, the impact on our depositors is actually quite large. Before going to the bank to buy financial products such as wealth management, the bank guaranteed rigid payment. For our depositors, we don't need to take any risks, just like buying deposit products, to protect the principal and interest.
But once the rigid redemption is cancelled, for our depositors, there will be no such risk-free and high-yield wealth management products to buy.
In the past, 654.38 million yuan was used to purchase wealth management products with guaranteed capital and interest. After one year, the profit was 654.38+00000 yuan. After the cancellation of rigid redemption, RMB 6,543,800+can only buy deposit products, so that the principal and interest can be guaranteed, and the income is only RMB 6,543,800+.
After the cancellation of rigid redemption, although you can't buy wealth management products with guaranteed capital and interest, you can alleviate the principal crisis to the greatest extent.
Although the selectivity for our depositors is getting smaller and smaller, the security is getting higher and higher. Although the interest rate is not as high as that of previous wealth management products, the awareness of high risk and high income has made more and more people understand.