美元理财“增量不增温” 全球资产配置转向多元化

Core Insights - The recent rise in US Treasury yields has led to a significant increase in the issuance of new dollar-denominated financial products, with a cautious approach towards long-duration US Treasuries among investors [1][2][3] - There is a global trend towards diversifying asset allocation, reducing reliance on dollar assets, and increasing demand for RMB-denominated assets, particularly in the context of US-China tensions [1][5][6] Group 1: Market Trends - The number of newly issued dollar financial products, such as "USD fixed deposits" and "QDII" funds, has surged, with 213 new products launched between April 1 and June 3, averaging a performance benchmark of around 4% and typically having a duration of less than one year [2] - As of June 2, 2023, the yields on US Treasuries have reached historical highs, with the 2-year yield at 3.930%, the 3-year yield at 3.899%, and the 30-year yield at 4.963% [2] Group 2: Investment Strategies - Analysts suggest a cautious approach to long-duration US Treasuries due to increased uncertainty and risk premium re-evaluation, recommending investors to focus on short to medium-duration bonds [2][3][4] - The strategy of avoiding long-term bonds and cautiously allocating to medium-duration US Treasuries is becoming mainstream, with a focus on interest rate strategies [3][4] Group 3: RMB Asset Demand - Despite a declining interest rate environment in China's bond market, the demand for RMB-denominated assets remains strong, supported by the stability of the RMB exchange rate and consistent cross-border capital flows [5][6] - The trend of de-dollarization is prompting some central banks and sovereign funds to increase their holdings of RMB bonds as reserve assets, providing structural support for the RMB's stability [6][7] Group 4: Diversification in Asset Allocation - The long-term trend towards diversified asset allocation is becoming an irreversible global financial norm, with investors encouraged to build multi-asset portfolios across regions and sectors [7] - Financial institutions are increasingly launching global allocation products to meet investor demand for diversification and stable returns, reflecting a focus on asset variety, risk control, and yield balance [7][8]