In the late 1990s, some commercial banks in China began to provide professional investment consultants and personal foreign exchange financial services to their clients. In September 2000, the People's Bank of China reformed the foreign currency interest rate management system, which opened up a policy channel for foreign currency wealth management business. In the following years, foreign currency wealth management products have been in a dominant position, but the overall scale is not large, and there is no competitive market.
The direct reason why small and medium-sized joint-stock commercial banks have become pioneers in promoting the development of RMB wealth management business is that under the background of the rapid growth of credit supply at that time, the time savings deposits of small and medium-sized banks are relatively low and lack of stable sources of funds. Issuing RMB wealth management products can enhance their storage capacity and alleviate the pressure of tight funds.
2. The evolution of the operation mode of wealth management products of China commercial banks.
In the initial stage of RMB wealth management products, the investment direction was basically fixed-income tools such as inter-bank government bonds, central bank bills and money market funds. In terms of risk management, compared with the original foreign currency wealth management products, RMB wealth management products are more standardized, and customer funds are isolated from the bank's own funds.
It should be said that the wealth management products in this period are familiar to commercial banks, dedicated and have traditional advantages, and the functions of product sales, asset allocation, investment decision-making, liquidation and issuance can be completed by relying on the bank's own platform.
Extended data
Foreign situation
1, personal finance business is in its infancy.
From 1930s to 1960s, it was generally considered as the embryonic period of personal financial services, but there was no clear definition of personal financial services. At that time, personal finance business mainly served the sales of insurance products and fund products.
2. The formation and development period of personal finance business
The sixties and eighties of the 20th century are generally considered to be the period of the formation and development of personal financial services. From 1970s to early 1980s, the main contents of personal finance business were reasonable tax avoidance, providing annuity products, participating in limited partnerships and investing in hard assets.
Until 1986, with the reform of American tax law and the significant reduction of inflation during Reagan's presidency, the perspective of personal financial services gradually became comprehensive and extensive, and customers' financial needs began to be considered from a global perspective.
3. The maturity of personal finance business
The 1990s witnessed the maturity of personal finance business. With the internationalization of financial market and the continuous enrichment and development of financial products, personal financial services in this period not only began to widely use derivative financial products, but also combined trust business, insurance business and fund business to meet the individual needs of different customers.