1. The Securities Times reported that on August 24th, the regulator gave guidance to six large state-owned banks and their wealth management companies, and made two important arrangements: First, after the end of the transition period (202 1 the end of the period), regular open-ended wealth management products measured in amortized cost could not exist or be newly developed; Second, in addition to the amortized cost measurement in strict accordance with the current regulatory provisions, the direct and indirect investment assets of new wealth management products (except cash management products) since September 20021year should be measured by the market value method first, and it is not allowed to use the cost method to evaluate assets other than the equity of unlisted enterprises for the time being. The existing assets of wealth management products that have been valued by the cost method should be rectified before the end of 10 this year.
1, amortized cost measurement: amortized cost uses the real interest rate as the basis for calculating interest, reflecting the discounted value of future cash flows at a certain point in time. Simply put, in wealth management products, the due income will be distributed to the daily interest return. Market value method: this is easy to understand. Investment assets such as shares of listed companies and listed bonds are measured at market value. The difference between the two is that after the wealth management products purchase the investment target (assuming the purchase of bonds as an example), the net value of wealth management products will not be affected no matter whether the bonds rise or fall, because the daily rate of return is a predictable fixed value, so it is reflected in the net value of wealth management products with little fluctuation and basically no withdrawal risk.
2. Measured by the market value method, if the market price of bonds rises, the net value of wealth management products invested in bonds will also rise, and vice versa. It can be seen that the market value method can accurately reflect the current market value of wealth management products, and the price fluctuates with the fluctuation of the market value of the investment target, which may make some investors with low risk tolerance reduce the purchase of wealth management products.
3. This also highlights that the transition period of the new asset management regulations is coming to an end. The new asset management regulations clearly require that the asset management business should not promise to protect capital and interest, and encourage investment to be measured by market value. This also means that the capital-guaranteed bank wealth management products, which are growing rapidly with "rigid redemption", will gradually withdraw from the historical stage.