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type="text/javascript" src="http://pgg.people.com.cn/s?z=people&c=59&_people=sh" charset="gbk"></script> </div>  <div id="cayayyayc" class="layout route cf" id="rwb_navpath"> <a class="clink">人民網(wǎng)</a>>><a href="http://jiaxianba.com/" class="clink">上海頻道</a>>><a href="http://jiaxianba.com/GB/139965/" class="clink">金融中心</a> </div>  <div id="cayayyayc" class="layout rm_txt cf"> <div id="cayayyayc" class="col col-1 fl"> <h3 class="pre"></h3> <h1 id="newstit">銀行理財加速凈值化進程現(xiàn)金管理類理財產(chǎn)品或?qū)航?/h1> <h4 class="sub"></h4> <div id="cayayyayc" class="author cf"></div> <div id="cayayyayc" class="channel cf"> <div id="cayayyayc" class="col-1-1 fl"> 2021年10月19日11:27 | 來源：<a target="_blank">新聞晨報</a> </div> <div id="cayayyayc" class="col-1-2 fr"> <span id="cayayyayc" class="rm_type"><img src="/img/2020wbc/imgs/icon_type.png" alt=""><i>小字號</i></span> </div> </div> <div id="cayayyayc" class="rm_txt_con cf"> <div id="cayayyayc" class="box_pic"></div> <div id="cayayyayc" class="otitle">原標題：現(xiàn)金管理類理財產(chǎn)品或?qū)航?/div><p style="text-indent: 2em;"> 晨報記者趙智妍</p> <p style="text-indent: 2em;"> 近日，現(xiàn)金管理類理財產(chǎn)品迎來了新要求。據(jù)悉，銀保監(jiān)會擬要求相關(guān)理財子公司將現(xiàn)金管理類理財產(chǎn)品規(guī)模和占比進行壓降。而銀行理財產(chǎn)品的估值法也迎來更嚴格的限制。業(yè)內(nèi)人士表示，資管新規(guī)過渡期將結(jié)束，銀行理財產(chǎn)品正加速完成凈值化轉(zhuǎn)型。</p> <p style="text-indent: 2em;"> 現(xiàn)金管理類產(chǎn)品規(guī)模遭壓降</p> <p style="text-indent: 2em;"> 近期銀保監(jiān)會召集部分銀行理財子公司開會，擬要求相關(guān)銀行理財子公司在今年年底前將現(xiàn)金管理類理財產(chǎn)品占產(chǎn)品總規(guī)模的比例下降至40%，明年底下降到30%；而規(guī)模上，明年底要降至其風險準備金月末余額的200倍以下或自有資金規(guī)模30倍以下。</p> <p style="text-indent: 2em;"> 多位銀行人士證實了這個消息。這與此前發(fā)布的《關(guān)于規(guī)范現(xiàn)金管理類理財產(chǎn)品管理有關(guān)事項的通知》調(diào)性一致。2021年6月，央行、銀保監(jiān)會聯(lián)合制定并發(fā)布《關(guān)于規(guī)范現(xiàn)金管理類理財產(chǎn)品管理有關(guān)事項的通知》，《通知》當時就提及，同一商業(yè)銀行采用攤余成本法進行核算的現(xiàn)金管理類產(chǎn)品的月末資產(chǎn)凈值，合計不得超過其全部理財產(chǎn)品月末資產(chǎn)凈值的30%。同一理財公司采用攤余成本法進行核算的現(xiàn)金管理類產(chǎn)品的月末資產(chǎn)凈值，合計不得超過其風險準備金月末余額的200倍。</p> <p style="text-indent: 2em;"> 金融監(jiān)管研究院孫海波指出，此次會議要求幾乎完全符合現(xiàn)金管理新規(guī)要求，只是重新強調(diào)了一下。從目前各家銀行的現(xiàn)金管理類產(chǎn)品規(guī)模體量看，達標難度普遍較大。絕大部分銀行明年底之前壓降到總理財規(guī)模的30%本來壓力不大。</p> <p style="text-indent: 2em;"> 所謂現(xiàn)金管理類產(chǎn)品，與貨幣市場基金相似，現(xiàn)金管理類產(chǎn)品面向不特定社會公眾公開發(fā)行，允許投資者每日認購贖回，容易因大規(guī)模集中贖回引發(fā)流動性風險，風險外溢性強。</p> <p style="text-indent: 2em;"> 光大證券金融業(yè)首席分析師王一峰團隊認為，政策對于現(xiàn)金類理財持續(xù)施壓主要基于以下考慮：現(xiàn)金類理財“類資產(chǎn)池”業(yè)務(wù)占比過大，不利于銀行真正資產(chǎn)管理能力建設(shè)；現(xiàn)金類理財“類活期”收益率曲線“點”過高，推高銀行體系負債成本，增加長期資金供給機會成本；過大比例現(xiàn)金類占比增加流動性風險管理難度。</p> <p style="text-indent: 2em;"> 據(jù)銀行有關(guān)人士介紹，當前現(xiàn)金管理類理財產(chǎn)品是十分“暢銷”的產(chǎn)品，如今現(xiàn)金管理類的產(chǎn)品需按照要求壓縮，但客戶需求仍然在，目前該公司擬采用短期限的凈值型產(chǎn)品替代。</p> <p style="text-indent: 2em;"> 監(jiān)管鼓勵市值法估值</p> <p style="text-indent: 2em;"> 隨著資管新規(guī)過渡期即將結(jié)束，銀行理財產(chǎn)品的凈值化轉(zhuǎn)型正在加速。除了現(xiàn)金理財規(guī)模的壓降，一些理財產(chǎn)品的計價方式也要轉(zhuǎn)變。</p> <p style="text-indent: 2em;"> 9月30日，財政部發(fā)布《資產(chǎn)管理產(chǎn)品相關(guān)會計處理規(guī)定（征求意見稿）》，明確資產(chǎn)管理產(chǎn)品的會計處理，將嚴格實施新金融工具準則（IFRS 9），資產(chǎn)管理產(chǎn)品的估值法將面臨嚴格限制，這對部分使用攤余成本法進行資產(chǎn)估值的銀行理財產(chǎn)品影響較大。</p> <p style="text-indent: 2em;"> 《征求意見稿》明確，貨幣市場基金、現(xiàn)金管理類理財產(chǎn)品等資產(chǎn)管理產(chǎn)品管理金融資產(chǎn)的業(yè)務(wù)模式以出售為目標的，應(yīng)當將相關(guān)金融資產(chǎn)分類為以公允價值計量且其變動計入當期損益的金融資產(chǎn)。公募基金、理財產(chǎn)品等資產(chǎn)管理產(chǎn)品具有中短期壽命期或需滿足定期開放申購和贖回要求的，其持有的權(quán)益工具投資通常為交易性而不符合指定為以公允價值計量且其變動計入其他綜合收益的金融資產(chǎn)的條件。</p> <p style="text-indent: 2em;"> 除此之外，今年9月，監(jiān)管對六家國有大行及其理財公司做出指導(dǎo)，要求資管新規(guī)過渡期結(jié)束后，不得再存續(xù)或新發(fā)以攤余成本計量的定期開放式理財產(chǎn)品。同時，除了現(xiàn)金管理產(chǎn)品以外的理財產(chǎn)品，新增的直接和間接投資的資產(chǎn)要優(yōu)先使用市值法進行公允價值計量，且暫不允許采用成本法估值。已適用成本法估值的理財產(chǎn)品存量資產(chǎn)，應(yīng)于今年10月底前完成整改。</p> <p style="text-indent: 2em;"> 此前，部分銀行理財產(chǎn)品以攤余成本法估值。業(yè)內(nèi)人士分析，這一做法有助于維持理財產(chǎn)品表面上的凈值穩(wěn)定，但并不能真實反映市場變化對產(chǎn)品凈值波動的影響，風險情況無法反映到產(chǎn)品凈值變化中。而采用市值法的產(chǎn)品隨投資標的凈值上下波動，更加貼近于市場的真實反映，可充分向投資者展示產(chǎn)品的凈值風險。</p> <p style="text-indent: 2em;"> 業(yè)內(nèi)人士稱，如果理財產(chǎn)品近期凈值曲線較以往波動更為劇烈，則說明該產(chǎn)品可能已經(jīng)切換估值法。</p> <p style="text-indent: 2em;"> 理財產(chǎn)品收益率波動將加劇</p> <p style="text-indent: 2em;"> 業(yè)內(nèi)人士普遍認為，隨著未來凈值化產(chǎn)品成為主流，理財產(chǎn)品收益率波動也將加劇。</p> <p style="text-indent: 2em;"> 東方金誠研究發(fā)展部高級分析師于麗峰表示，理財產(chǎn)品凈值真正體現(xiàn)資產(chǎn)端價格波動，將推動市場無風險收益水平下行，提升投資者對風險資產(chǎn)的偏好，利好風險資產(chǎn)估值提升。對理財產(chǎn)品投資者來說，估值曲線波動加大，收益率波動也將加大。而這些投資者通常風險承受能力較低，要做好準備接受收益率的起伏。</p> <div id="cayayyayc" class="zdfy clearfix"></div><center><table border="0" align="center" width="40%"><tr></tr></table></center> <div id="cayayyayc" class="box_pic"></div> <div id="cayayyayc" class="edit cf">(責編：嚴遠、軒召強)</div> <p class="paper_num"><em class="section-common-share-wrap">分享讓更多人看到 <i class="btn_share_common"><img src="/img/2020wbc/imgs/share.png" alt=""></i> </em></p> </div> <div id="cayayyayc" class="rm_relevant cf box_news"> <h5><span></span>相關(guān)新聞</h5> <ul><li><a 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