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The Central Bank Issued A Heavy Issue, Postponed For One Year! Involving Nearly One Billion Yuan Of Funds!

2020/8/4 13:36:00 2

Central Bank Asset Management Institution

In order to steadily promote the implementation of the new regulations on asset management and the standardized transformation of asset management business, with the approval of the State Council, The people's Bank of China, together with the development and Reform Commission, the Ministry of finance, the China Banking and Insurance Regulatory Commission, the China Securities Regulatory Commission and the State Administration of foreign exchange carefully studied and decided to extend the transition period of the new asset management regulations to the end of 2021.

According to reports, the new asset management regulations refer to the "guidance on standardizing asset management business of financial institutions" issued in 2018. The original transitional period was set at the end of 2020. Due to the numerous products involving banks, trusts, securities, funds, futures, insurance and other types of institutions, and nearly one billion yuan of funds, whether the transition period of the new asset management regulations will be extended has attracted the attention of the market. （ News link: Big news! The central bank's massive announcement has a direct impact on the industry ）

A number of asset management institutions and securities companies to interpret this

Since the promulgation of the new rules, the risks of asset management products have been converging 。 Ruan Jianhong, director of the investigation and Statistics Department of the central bank, said that the risk convergence of asset management products is reflected in the following aspects:

First, the proportion of interbank cross holdings continued to decline At the end of May, the proportion of interbank capital sources of asset management products accounted for 49.8% of all capital sources, down 1.2 percentage points from the beginning of the year;

Second, the leverage ratio (the ratio of total assets to raised funds) fell The average leverage ratio of asset management products was 107.7%, down 0.9 percentage points from the beginning of the year;

The proportion of products in the net value continued to rise At the end of May, the fund raised by net worth products accounted for 60.3% of the total fund raised by asset management products, which was 4.9 percentage points higher than that at the beginning of the year;

Fourth, the scale of non-standard creditor's rights has been reduced continuously At the end of May, the scale of non standardized creditor's rights assets invested in asset management products decreased by 7.6% year-on-year, 1.2% more than that at the beginning of the year.

The risk of asset management products has been controlled, It has also played a more effective role in serving the real economy.

According to the data of the central bank, at the end of May, the balance between the underlying asset allocation of asset management products and the real economy was 39.3 trillion yuan, an increase of 2.2 trillion yuan over the beginning of the year, accounting for 43.6% of all assets and 0.6% higher than that at the beginning of the year. Structurally, the new underlying assets invested in the real economy are mainly standardized assets such as corporate bonds and stocks.

The relevant person in charge of the people's Bank of China said that the policy arrangement for the extension of the transitional period took into account the impact of the epidemic situation, the macro environment, the market impact, the financing of the real economy and other factors. It was based on the principle of seeking truth from facts. It adhered to the original intention and bottom line of the new asset management regulations to control financial chaos and regulate healthy development, and did not involve the change and adjustment of regulatory standards for asset management business Asset management reform does not mean the direction of business reform. This arrangement, on the one hand, is conducive to consolidating the results of risk mitigation in the early stage and promoting the continuous transformation and upgrading of asset management business. On the other hand, it helps to alleviate the impact of the new pneumonia epidemic, stabilize the financing supply to the real economy, and improve the financial support for the real economy.