The People'S Bank Of China: The Management Of Large Deposit Receipt

In order to promote the development of large deposit receipts business, expand the investment channels for personal financial assets and enhance the ability of commercial banks to actively assume liabilities, the people's Bank of China has decided to change the contents of the sixth Interim Measures for the management of large deposit receipts, that is, the starting point of subscriptions for large certificates of deposit of not less than 300 thousand yuan by individual investors, which is amended as "the starting point of individual investors to subscribe for large certificates of deposit is not less than 200 thousand yuan". This announcement has been effective since June 6, 2016.

1. Large deposit receipt

1. Large amount

It is a large deposit certificate issued by a deposit financial institution to individuals and enterprises.

China's large certificates of deposit were officially launched in June 15, 2015 and priced in Renminbi.

2, large certificates of deposit have higher interest rates than regular deposits of the same period, mostly floating on the basis of the benchmark interest rate of 40%, while the time deposits generally float at about 30%.

3, before, the maximum amount of personal subscription for large certificates of deposit is not less than 300 thousand yuan, and the starting point for institutional investors to subscribe for large certificates of deposit is not less than 10 million yuan.

The term of large deposit certificate covers 1 varieties of 9 species, including 3 months, 3 months, 6 months, 9 months, 1 years, 18 months, 2 years, 3 years and 5 years.

4, unlike general deposit certificates, large certificates of deposit can be pferred or mortgaged before maturity.

In other words, it is not only higher than the time deposit rate, but also liquidity and liquidity.

Two.

In the year of the US dollar interest rate increase, the state learned from the lessons of last year's stock market crash and early this year's "Stock Exchange double kill", and began to suppress asset bubbles. There are two main ways: first, smash all kinds of "gambling houses", such as crazy bond markets, futures markets, etc. Second, prevent hot money from gathering and forming alliances, such as clearing up P2P and private equity funds.

The ultimate goal is to allow capital to flow into the real economy and reduce real interest rates in the market.

Against this background, we must give way to hot money.

The stock market is not hot, the bond market and the futures market are cooling down, and the large certificates of deposit are on the market.

Large certificates of deposit can attract all kinds of hot money, including the bank's financial capital, to solve the sudden increase in financial capital and the resulting risks.

If the certificates of deposit become hot, they can not only provide a direction for the hot money, but also reduce the interest rate level in the market and make the market more orderly.

Overall, the current large deposit certificate business is relatively light, the central bank's lower threshold has the intention of activating this business.

In the long run, in addition to lowering the threshold, measures should also be adopted in terms of pfer and mortgage to facilitate investors.

If it can be listed on the stock exchange, the effect will be much better.

The expansion of large certificates of deposit means that the system of interest rate liberalization will be further improved, and the liberalization of deposit interest rate is the last step of interest rate marketization.

Since last June 15th, 9 banks, including China, agriculture, industry, construction, bank, and China Merchants Bank, issued the first large certificates of deposit for the first time. This year, more and more banks join the camp of issuing large certificates of deposit, and the products are becoming more and more abundant.

However, due to the high starting point of large certificates of deposit, and the lower returns than Treasury bonds and bank financing, the situation is slightly embarrassing.

Although many banks have launched large certificates of deposit products, but the sales are relatively cold, ordinary depositors do not buy it.

A joint-stock bank customer manager said that the purchase of large certificates of deposit was relatively high, which reduced the enthusiasm of a large number of customers, and from the interest rate point of view, although the annual interest rate of the 3 year bonds fell to 3.9%, it was still higher than that of the certificates of deposit in the three year period. Compared with the bank deposit ratio, although the yield was higher than the current and regular income of banks, there was a threshold limit, and the early withdrawal would result in a lot of interest losses, and the function of circulation pfer was not promoted.

The risk is approaching. You need a large deposit certificate.

Imperceptibly, 2016 of them have gone through half of the year, and the targets set at the beginning of the year are now gone, because the poor pork prices have increased, garlic prices have risen, 80% vegetables have risen, prices have been loiter, wages have not risen yet low, and the legendary reduction of social security rates is also aimed at lightening the burden on enterprises.

Wages do not rise, we want to rely on financial management to generate money, resulting in 2016 financial platform incidents are one after another, and with the strengthening of regulation, industry shuffling intensified.

In addition to the early big group, there are recent events of the financial platform on the golden deer, the Chinese Jin Department, Rong Yi Bao... One event is hundreds of billions of funds, tens of thousands of people damaged, the hard money is swept through the air, financial management of the waste.

Comparison of advantages and disadvantages of large certificates of deposit

I. safety level

1, treasury bonds are guaranteed by the state credit guarantee, and the security level is the highest among all financial products.

2, fixed deposit and large deposit certificate are actually the same thing. They all belong to bank deposits and are protected by the deposit insurance Ordinance. Even if banks fail, they can get full compensation within 500 thousand yuan.

It is worth noting that bank deposits are easily misled by staff, resulting in deposit insurance, discount deposits and disappearance of deposits.

3, bank financing is divided into 5 risk levels, most of which are 1 and 2. The possibility of product loss is very low, below 1%. At present, the industry can not break the rigid payment of banks.

Two, the starting point of purchase

Starting point for purchase of four kinds of products

From the threshold, the threshold of fixed deposit and treasury bonds is relatively low, which are 50 yuan and 100 yuan respectively.

The starting point for the purchase of financial management is 50 thousand yuan, relatively high, and the large deposit certificate is for a few high net worth group products. Before that, individual investors bought a starting point of up to 300 thousand yuan, and few people can reach this threshold.

Three. Duration and yield

From the time limit, the national debt has only two periods of 3 years and 5 years, and all of them are relatively long. There are 6 and 9 grades for bank fixed deposit and large deposit certificate, and there are more choices. However, large deposit certificates do not have 9 maturities for every bank. Unlike other three products, the term of banking is usually not integer. Most of them are between 1 months and 1 years, and very few are 2 and 3 years.

Rate of return

1, the interest rate of treasury bonds is fixed, no matter where.

The three and five years were 4% and 4.42% respectively.

2, there is a big difference in interest rates between different banks. The average one-year deposit is 30% floating above the benchmark interest rate. The floating rate of deposit interest rate in the biennium and above is generally less than 20%. In most cases, the interest rate is lower than the national debt interest rate. Only a small number of small banks float larger, and the interest rate will be higher than the national debt.

3, the interest rate of large certificates of deposit is more serious. Most banks are floating 40% above the benchmark interest rate, which is generally slightly higher than the fixed interest rate but lower than the national debt interest rate. There are also individual banks floating around 50%, but very rare.

4, the average rate of return of bank financing has just dropped below 4%, but the earnings of different banks and different types of financial products are quite different. If the non guaranteed floating income financial products offered by the city commercial banks are available, about 4.5% or even higher can still be bought.

Four. Liquidity

1, the national debt can be withdrawn in advance, and the holding time is less than 6 months without interest. After 6 months, the interest rate is less than 24 months, the interest rate is calculated at the coupon rate and the interest rate is deducted for 180 days. After 24 months, the interest rate is less than 36 months, the interest rate is calculated at the coupon rate and the interest rate is 90 days.

In addition, 1 per thousand will be charged in advance.

Although it can be withdrawn in advance, it is not cost-effective. If half a year is held, interest should be paid back.

2, the fixed deposit can be withdrawn at any time, but before the maturity date, the interest rate should be calculated according to the current interest rate, even if the difference is only 1 days.

3, large certificates of deposit can be withdrawn in advance, and most banks can enjoy some regular periods.

There are advantages over Ding.

4, the liquidity of bank financing is the worst. Besides the Shanghai Pudong Development Bank and Zhejiang Merchants Bank, they have tried the water pfer mechanism. The financial products of other domestic banks can not be redeemed or pferred in advance. They can only hold maturity.

Analysis of advantages and disadvantages of four kinds of products

In comparison, the four kinds of products have their own advantages and disadvantages. But in terms of price performance ratio, treasury bonds and bank financing are higher than fixed deposit and large deposit certificates. From the point of view of security, treasury bonds, fixed deposit and large deposit certificates are higher than bank financing.

Generally speaking, the national debt is better than the large deposit certificate, but the limited amount of the national debt is very difficult to buy. In contrast, the large deposit certificate is a better choice.