Cash management products usually refer to wealth management products that can provide cash management services, mainly investing in money market, bond market, bank bills and other financial instruments allowed by policies. Generally speaking, the cash management wealth management products issued by banks and wealth management subsidiaries have the characteristics of low risk, stable income and strong liquidity.

Cash wealth management products are mainly divided into three categories, including banking products, reverse repurchase of government bonds and money funds.

Among them, bank products include demand deposits, time deposits, certificates of deposit and bank wealth management. Reverse repurchase of government bonds and money funds do not need to be subdivided.

There are not many explanations for demand deposits and time deposits in bank products. We mainly look at the definitions and characteristics of two types of certificates of deposit and bank financing. Certificate of deposit is a kind of large deposit certificate issued by bank financial institutions to individuals, non-financial enterprises, government organizations and so on, and it also belongs to the category of deposit insurance. Its initial purchase amount is higher than the ordinary deposit threshold, usually 200,000 yuan, and of course the interest rate is relatively high. Bank wealth management products are capital investment and management plans developed, designed and sold by commercial banks for specific target customer groups on the basis of analysis and research on potential target customer groups. At present, the popular wealth management products on the market are all net worth products, which are open and non-guaranteed floating income wealth management products. There is no expected return (that is, positive or negative return) when investing, and there is no investment period.

Reverse repurchase of government bonds, also known as bond pledged repurchase, is simply a short-term capital lending behavior in which both parties to the transaction use bonds as collateral. Among them, bondholders (repurchase parties) pledge their national debt to fund holders (reverse repurchase parties), so as to obtain the right to use funds (borrow money). Generally speaking, someone pledges the national debt to you and you lend it to him. After the maturity, the other party will repay the principal on time and pay you some interest. Generally, at the end of the month, the end of the quarter, the end of the half year, the end of the year and before the long holiday, the yield of reverse repurchase of government bonds is higher, because institutions are short of money and funds, and they need a lot of short-term bridge funds. At this time, if you operate the reverse repurchase of government bonds, you will often get good returns.

Money fund is an open-end fund that collects idle social funds, is operated by fund managers and kept by fund custodians, and specializes in investing in low-risk money market instruments. It has the characteristics of "quasi-savings" and "bank demand deposits". Generally speaking, the yield of money funds is positively related to the market interest rate (the yield of ten-year government bonds). In other words, with the rise of market interest rates, the yield of money funds is also rising.