Research On The Impact Of China's Commercial Bank's Wealth Management Products On Monetary Policy Credit Transmission Channels

In 2018,The people's bank of China,China Banking and Insurance Regulatory Commission and China Securities Regulatory Commission jointly issued the "Guiding Opinions on Regulating Asset Management Business of Financial Institutions",which intended to promote the orderly develoPment of the asset management business in the domestic financial market and attract market attention.Soon,the Banking Regulatory Commission once again issued the "Measures for the Supervision and Management of Commercial Banks' Financial Management Business",which made more detailed regulations on bank financing of the elassified assets management business,which once again triggered heated discussion in the market.Regulators frequently action,because of commercial bank financing to today,has entered a period of rapid growth,commercial bank financial products on the one hand to enrich the community financing system,while its risk profile derived from the shadow banking on China currency policy had an impact can not be ignored,coupled with China's monetary policy transmission system itself is not perfect,may eventually affect the implementation effect.Firstly,this paper combines the reality of economic and social development to clarify the significance and purpose of the research.Also,it combs the research on the interaction between wealth management products and monetary policy transmission of domestic and foreign commercial banks.Furthermore,the development status of China's wealth management market and its operational characteristics are introduced in depth,which leads to the influence mechanism of wealth management products on China's monetary policy credit transmission channels.After that,the VAR and TVP-VAR models were used to conduct empirical analysis from both static and dynamic perspectives.The study found that loose monetary policy will lead to the expansion of bank wealth management and bank credit in the short term,and the impact on the seale of credit growth will be more durative.The scale of bank wealth management product will affect the monetary policy to China's bank credit channel,and play a major role in the tight monetary policy.Finally,the paper summarizes the research results and proposes relevant policy recommendations from the perspectives of perfecting the market supervision system and optimizing the monetary policy transmission mechanism.