Research Development Of Financial Products In China Under The Marketization Of Interest Rate

In recent years, the interest rate marketization reform has always been one of the core content of financial system reform in our country, the party’s eighteen big attaches great importance to this, points out that to establish a modern financial system, we must deepen the reform of the financial system and promote our macroeconomic stability and healthy development. On October 24,2015, the central bank decided to commercial Banks and rural cooperative financial institutions, such as no longer set interest rates on deposits floating ceiling, shows that China’s market-oriented interest rate has a basic implementation, in a named phase of interest rate marketization. In the whole process of interest rate marketization forward, on the one hand, the degree of liberalization in various banks higher financial environment, obtained more and more independent pricing power, driving the rapid development bank financial products in general; Rates of frequent changes, on the other hand, the shape of the expected rate of return for bank financial products in our country has brought certain influence. Interest rate marketization in our country for the development of bank financing products are both opportunities and challenges.In both at home and abroad were summarized in this article, on the basis of literature review, first introduced in China’s market-oriented interest rate reform process and the present situation, then summarizes the meaning, development course and status quo of bank financial products and classification, puts forward the problem of bank financial product development up to now in our country, secondly according to the actual situation of our country, mainly sums up the marketization of interest rate changes on bank financing products development in each aspect has brought many effects; And then explore the influence of interest rate marketization expected rate of return for the wealth management products, using empirical analysis method, collected on June 6,2012 - February 2012, our country banking financial products expected return, the benchmark deposit rate and SHIBOR monthly data, build multivariate linear regression model, to verify the influence of interest rate marketization expected rate of return for the wealth management products, and concluded that the expected rate of return of bank financial products was a positive correlation with the benchmark deposit rate and SHIBOR, and SHIBOR level for its yield bigger price influence degree; Finally, summarized on the basis of the research, proposed under the condition of the interest rate marketization increasingly sophisticated financial products in our country the development of countermeasures:First, market-oriented pricing should standardize and perfect products. Enhance the ability of product market pricing and clear market positioning of different types of products, in will help Banks achieve design has more market competitiveness of products at the same time, meet the purpose of bank LanCun; Bank financial products pricing, on the other hand, the difference and gradation, pricing marketization, which in turn will promote the perfection of China’s deposit interest rate marketization reform, make the products in the marketization of interest rate better adapt to the environment.Second, we should pay attention to our bank financial product innovation. In recent years our country bank financial product homogeneityphenomenon serious, if not increase innovation, and is bound to be eliminated by the market, so China’s commercial Banks need to through the modular design to enhance financial product innovation design ability, the implementation of "product manager system" makes more targeted bank financial products sales.Third, the need to build a bank financial products and mining potential customers, and according to the customer’s financial assets, occupation and level of education and the standard to subdivide the target customer groups, such as the age of the design conforms to the different groups, to meet different risk to bear the financial product, on this basis, the pursuit of bank financial product brand effect.Fourth, we should strengthen the investor’s financial management knowledge education, make it be produce more in line with their own situation of financial management concept; And, as with the bank financial product main sales personnel, we should pay more attention to the professional quality of the wealth managers, in order to improve the competitiveness of the bank financial products.Finally, we will focus on developing under the condition of marketization of interest rate risk of bank financial product control, perfect risk management system in our country, strengthen the information disclosure of financial products, and perfecting the bank financial products of the corresponding laws and regulations.