Source: Associated Press of Finance
Since the cross quarter, while the scale of wealth management has been constantly repaired, the supervision of corporate deposits and channel deposits has been tightened. The institution predicts that there may be 2 trillion yuan of funds to be reallocated, which also means that the participation of wealth management in the credit bond market will be marginal. The Associated Press of Finance and Economics noted that the net transaction scale of credit bonds during April 8-19 was about 150 billion yuan, reaching the highest point since 2023.
The scale of wealth management has increased sharply since April. According to the standard data of Puyi, the overall scale of wealth management has expanded to 28.97 trillion yuan as of last Friday, an increase of about 1.96 trillion yuan compared with the end of March. With the substantial repair of bank financing scale after the cross quarter, the transaction amount of credit bonds is also rising. according to West China Securities According to the data of the research institute, the demand for buying bonds of agricultural commercial banks dropped sharply last week, and became the reverse force of market conditions again; Fund, wealth management and other asset management products were the three biggest buyers last week. During the period from April 8 to 19, the net turnover of credit bonds was about 150 billion yuan, the highest since 2023.
Xiao Jinchuan, the macro chief of West China Securities, pointed out that since this year, the supervision of corporate deposit business has become stricter, the investment mode of some channel deposits of financial management may be restricted, and the newly increased scale has returned to the bond market investment, which also means that the pricing voice of bank financial management in the credit bond market will be significantly improved.
Recently, the Initiative on Prohibiting the Manual Interest Compensation and High Interest Rate to Maintain the Competitive Order of the Deposit Market issued by the market interest rate pricing self-discipline mechanism proposed that some banks break through the upper limit of the authorization of deposit interest rates in a disguised way by means of manual interest compensation and promise to pay high interest rates. It is required that banks should include the manual interest supplement into the scope of monitoring and management, and it is strictly prohibited to break through the authorization requirements of deposit interest rate or self-discipline upper limit in disguised form by means of prior commitment, manual interest supplement at maturity, etc. The Bank is required to conduct self inspection and complete rectification before the end of April this year. Previously, some media reported that "a province required banks to fill insurance asset management funds into the" inter-bank deposit "account, which should not be included in general deposits, otherwise it may be deemed as inflated deposits, which will make insurance asset management face a lower deposit interest rate."
The Associated Press of Finance has learned that after the redemption boom in 2022, financial management will pay more attention to the stability of net worth and asset liquidity. By establishing a special account for the allocation of long-term high interest deposit assets through insurance asset management, trust, etc., and transferring shares between financial products at fair value, we can achieve high returns on time deposits and liquidity of demand deposits. The loan insurance asset management is included in the general deposit by some banks, which can obtain higher bargaining power and higher income.
citic securities The Research Department estimates that the scale of co deposit related to financial allocation may be more than 2 trillion yuan. If the old and new are cut off, the subsequent 2 trillion yuan fund may be reallocated. The scale of wealth management in April is expected to increase by 1.6-1.8 trillion yuan, and cash wealth management is the main force of growth. The financial products used to allocate deposits are mainly cash financial products and products with the shortest holding period, so the direction of capital reallocation will not be completely matched with it, and other compliant high interest deposit assets will be preferred. After that, the overflow funds may flow into deposit certificates, public funds and standard bonds. It is expected that the standard debt of overflow fund allocation will still be dominated by short-term credit debt, and the continued sinking of county level platforms in high-quality regions is expected to be the main way to increase income. In the long run, the support for the short end is stronger.
Massive information, accurate interpretation, all in Sina Finance APP
Editor in charge: Cao Ruitong
