21世纪经济报道记者 唐婧 继在岸、离岸人民币兑美元汇率双双升破7关口之后，人民币对美元汇率中间价亦悄然破7。 1月26日，中国人民银行授权中国外汇交易中心公布，当日银行间外汇市场人民币汇率中间价为1美元对人民币6.9843元，相较前一交易 日中间价6.9929，调升86基点，续创2023年5月以来的新高。 人民币汇率中间价是指中国外汇交易中心根据中国人民银行授权，每日上午9:15发布的基准汇率，覆盖人民币对美元、欧元、日元、港 元、英镑等主要外汇币种。中间价由中国外汇交易中心根据做市商报价计算得出，是银行间外汇交易市场和银行挂牌汇价的重要参考指 标。 人民币兑美元汇率升值对个人和企业都会带来深刻影响。居民跨境消费、留学和旅游成本降低，换汇时可兑换更多美元。而对持有美元 存款或美元理财产品的居民来说，其资产以人民币计价会出现缩水。对美出口企业的价格竞争力可能会相对削弱，结汇环节的利润有所 减少。相反，依赖进口原材料、零部件的制造业企业则受益于进口成本降低，改善企业盈利状况。 不过，从高层表态来看，人民币汇率升值对进出口贸易的影响整体有限。中国人民银行副行长邹澜此前在国新办新闻发布会上表示，外 贸企业以人民币开 ...

Core Insights - The banking wealth management market is expanding, while banks without wealth management subsidiaries are systematically reducing their self-managed wealth management scale [1][2][3] - Recent reports from four small banks indicate a significant decline in their self-managed wealth management products, reflecting a broader industry trend influenced by regulatory guidance [2][10] Group 1: Market Trends - Four small banks reported a combined reduction of over 7 billion yuan in self-managed wealth management products, with total scale dropping from 31.87 billion yuan at the end of 2024 to 24.52 billion yuan by the end of 2025 [2][9] - The regulatory environment encourages banks to establish wealth management subsidiaries, leading to a focus on reducing self-managed wealth management and transitioning to agency sales [10][11] - By mid-2025, banks without wealth management subsidiaries had a self-managed wealth management scale of only 3.19 trillion yuan, accounting for about 10% of the total, with a year-on-year decline exceeding 24% [10] Group 2: Industry Growth - The overall scale of the banking wealth management industry reached a historical peak of 34 trillion yuan by November 2025, increasing by over 4 trillion yuan since the beginning of the year [4][12] - As of the end of the third quarter of 2025, there were 181 banks and 32 wealth management companies with active products, totaling 43,900 products and a scale of 32.13 trillion yuan, marking a year-on-year increase of 9.42% [12][13] - Fixed income products dominate the wealth management market, with a scale of 31.21 trillion yuan, representing 97.14% of the total [13] Group 3: Future Outlook - The market is expected to continue a "stronger gets stronger, weaker must transform" dynamic, with a projected increase in wealth management scale to over 36 trillion yuan in 2026 [6][14] - Wealth management subsidiaries are anticipated to leverage professional research and product innovation to expand into high-value categories such as ESG and retirement planning [14] - Small banks are advised to focus on differentiated and light-capital development paths, enhancing customer service and product offerings to avoid homogenization in competition [7][15]

Core Viewpoint - The recent surge in the value of the Chinese yuan, reaching a two-year high against the US dollar, reflects a shift in market dynamics and investor sentiment towards Chinese assets, driven by strong export performance and economic stimulus measures [2][4][6]. Group 1: Currency Performance - The offshore yuan exchange rate against the US dollar broke through 6.97, reaching a peak of 6.9664, marking a significant appreciation [2]. - Over the past year, the yuan was perceived as undervalued despite record exports and increasing trade surpluses, with the currency remaining around the 7 yuan mark [4]. - The recent appreciation is attributed to a combination of strong exports and a shift in investor focus towards China as global economic prospects dim [6][8]. Group 2: Economic Factors - China's export strength remains robust, particularly in sectors like new energy, contributing to a growing trade surplus and providing support for yuan appreciation [8]. - The global investment landscape is shifting, with diminishing opportunities in the US and Europe, prompting capital to flow back into China, enhancing the attractiveness of the yuan [6][8]. Group 3: Monetary Policy Considerations - There is speculation about the potential for the People's Bank of China to adopt a new monetary policy framework that could link currency issuance to electricity generation, although this idea presents significant practical challenges [10][12]. - The concept of using electricity as a monetary anchor raises concerns about its feasibility and the potential impact on different sectors of the economy [10][12]. - The central bank is expected to prioritize stability in the exchange rate and economic expectations, avoiding rapid fluctuations in the yuan's value [18][20]. Group 4: Investment Implications - The appreciation of the yuan is likely to make foreign goods cheaper for Chinese consumers and increase the attractiveness of Chinese assets to foreign investors, potentially leading to a rise in asset prices [14][20]. - Investors are advised to diversify their portfolios and consider various asset classes, including stocks and emerging industry funds, to mitigate risks associated with currency fluctuations [20].

Core Insights - The banking wealth management market is experiencing a significant fee reduction trend, with over 300 fee adjustment announcements made since the beginning of January 2026 [1][2] - Notably, Ningyin Wealth Management has reduced management and sales fees to 0% for some products, indicating a competitive strategy to attract funds as a large amount of fixed deposits are set to mature in 2026 [1][2] Fee Adjustments - Multiple wealth management companies, including Ping An Wealth Management and Jiangyin Wealth Management, have announced fee reductions across various products [1][2] - Ningyin Wealth Management has specifically reduced management fees by 0.05% to 0.4%, with some products now having management fees as low as 0.01% and sales fees dropping from 0.3% and 0.4% to 0% [2][4] - The fee reduction period varies, with most discounts lasting around one year, while some products have shorter promotional periods [2] Market Context - A significant amount of fixed deposits, estimated at 32 trillion yuan, is expected to mature in 2026, creating a reallocation demand for investors as deposit rates have declined [6][7] - The trend of "deposit migration" is prompting wealth management firms to enhance their competitiveness through fee reductions and product optimization [6][7] - The wealth management market is projected to grow at a rate of 8%-12% in 2026, driven by the demand for stable investment products [7]

每经记者｜李玉雯 每经编辑｜陈俊杰 进入2026年，多家机构预计美联储降息周期仍将持续，美元面临的贬值压力受到市场广泛关注。对于普 通投资者而言，手里的美元资产要继续持有吗？是否需要将美元兑换为其他货币以规避贬值风险？ 对此，渣打中国财富管理部首席投资策略师王昕杰在媒体沟通会上表示，尽管美元利率下行，但其绝对 利率水平仍相对较高，预计未来一段时间美元指数将窄幅波动，投资者可通过策略性安排来趋避贬值风 险，例如采取以美元直接投资于非美资产等策略。 王昕杰同时建议在更广泛的资产类别中进行分散投资。据悉，渣打银行财富方案部日前发布《2026年全 球市场展望》，建议投资者在基础投资组合中超配股票和黄金，对于中国资产则重点关注科技、健康护 理和通信行业。 可通过策略性操作趋避贬值风险 渣打认为中国在2026年可能推出更果断且针对性刺激措施，"十五五"规划建议加快先进技术投资以提升 自主能力和生产力，定向政策刺激以及人工智能主题相关的强劲盈利增长，将为中国经济提供强有力支 持。 渣打预测美联储将在今年降息三次，每次25个基点。美元利率将进一步下降，意味着美元资产的回报率 将随之降低。 王昕杰提到，去年初4%~5%收益率的 ...

Core Viewpoint - The banking wealth management market is experiencing a significant fee reduction trend, with over 300 fee adjustment announcements made since the beginning of January 2026, as companies aim to attract funds from maturing deposits [2][3][6]. Group 1: Fee Reductions - Multiple wealth management companies, including Ping An Wealth Management, China Merchants Bank Wealth Management, and Ningyin Wealth Management, have announced reductions in product fees, with some products seeing management and sales fees drop to 0% [2][3]. - Ningyin Wealth Management has particularly notable fee reductions, with over 500 products having their management and sales fees lowered, some to as low as 0.01% and 0% respectively [3][4]. - The average annualized yield for existing wealth management products in the market was reported at 2.52% as of November 2025, indicating a competitive environment for attracting investors [4]. Group 2: Market Dynamics - A significant amount of fixed-term deposits, estimated at 32 trillion yuan, is set to mature in 2026, creating a reallocation demand for investors as deposit rates have declined sharply [6][7]. - The trend of "deposit migration" is expected to continue, with funds likely flowing into stable investment products such as wealth management, insurance, and "fixed income plus" products [7][8]. - The wealth management market is projected to grow at a rate of 8%-12% in 2026, although there are concerns regarding the net value fluctuations of products due to upcoming regulatory changes [8].

Core Viewpoint - The trend of global allocation wealth management products is accelerating, with a notable increase in issuance and diversification of asset preferences among financial institutions in a low-interest-rate environment [2][3][16]. Group 1: Product Issuance and Structure - In early 2026, multiple wealth management companies, including Ningyin Wealth Management and Bank of China Wealth Management, launched new global allocation themed products, primarily focusing on pure debt and "fixed income+" products rated R1 and R2 [2][15]. - From December 2025 to January 8, 2026, over 10 banks and wealth management companies issued nearly 50 global allocation themed products, with assets linked to currencies such as USD, JPY, EUR, and HKD, indicating a more diversified allocation preference [2][15]. - The number of newly issued global allocation wealth management products reached 624 in 2025, with 87 launched between November 1, 2025, and January 6, 2026 [3][17]. Group 2: Performance and Yield - The performance benchmarks for newly issued global allocation wealth management products in the second half of 2025 generally ranged from 3% to 4%, with many products launched since December 2025 having benchmarks between 3.2% and 3.65% [3][17]. - The average annualized yield of global allocation wealth management products is reported to be 3.357%, with recent products showing yields concentrated between 2.5% and 4.5% [21][22]. Group 3: Asset Allocation Preferences - Dollar-denominated assets remain the primary focus of global allocation wealth management products, with a significant emphasis on U.S. Treasury bonds and leading technology stocks [4][18]. - There is an increasing interest in emerging market equity assets and gold, aimed at capturing diverse economic growth opportunities and hedging against geopolitical risks and currency depreciation [7][20]. - The trend towards diversified asset allocation is driven by the need to enhance returns and mitigate risks in a low-interest-rate environment, with institutions responding to the tightening supply of quality fixed-income assets [11][24]. Group 4: Market Dynamics and Investor Behavior - The current low-interest-rate environment has led to a narrowing of returns from traditional fixed-income assets, prompting investors to seek overseas assets as a means to enhance yields [21][24]. - The expectation of continued interest rate cuts by the Federal Reserve has made dollar-denominated products attractive, with average yields for these products ranging from 3% to 3.5% compared to 2% to 2.5% for RMB-denominated products [19][20]. - The demand for diversified asset allocation is increasing among high-net-worth individuals, reflecting a shift in investment preferences from solely domestic assets to a more global and diversified approach [12][24].

Core Insights - The trend of global allocation in wealth management products is accelerating, with multiple companies launching new products focused on global asset allocation, primarily in fixed income and "fixed income plus" categories [1][2][3] Group 1: Product Launch and Market Trends - In the early 2026, several wealth management companies, including Ningyin Wealth and Bank of China Wealth, have launched nearly 50 global allocation-themed products, indicating a significant increase in interest [1][2] - The new products are primarily linked to various currencies such as USD, JPY, EUR, and HKD, showcasing a diversified asset preference [1] - The average annualized return for global allocation wealth management products has been reported at 3.357%, with many products achieving returns between 2.5% and 4.5% [7][9] Group 2: Investment Strategy and Asset Allocation - The current global allocation products are categorized into three main types: pure fixed income products centered on USD bonds, "fixed income plus" strategies that combine fixed income with equities or alternative assets, and index or structured products linked to multiple markets [3][4] - USD assets remain the dominant focus, with a significant allocation towards US Treasury bonds and leading technology stocks, while also gradually including assets from Japan, Europe, and gold [3][4][5] - The investment strategy is driven by the need for stable returns in a low-interest-rate environment, with wealth management firms increasingly looking to diversify their asset allocations to enhance returns and mitigate risks [5][9][10] Group 3: Economic Context and Future Outlook - The Federal Reserve's anticipated interest rate cuts are expected to further enhance the attractiveness of USD assets, with a current yield of over 4% on 10-year US Treasury bonds compared to lower yields in domestic markets [4][5] - The shift towards global asset allocation is a response to the tightening supply of quality fixed income assets in the domestic market, prompting institutions to seek cross-regional growth opportunities [9][10] - As investor demand for diversified asset allocation grows, particularly among high-net-worth individuals, wealth management firms are innovating their product offerings to meet these evolving needs [10]

Core Viewpoint - The article discusses the benefits of investing in USD-denominated financial products, highlighting their potential for higher returns and risk diversification for investors with overseas needs [2][3]. Group 1: Benefits of USD Financial Products - Benefit 1: Enhanced Yield Growth Potential USD financial products encompass a range of investments such as USD deposits, bonds, and cross-border structured tools, providing investors with opportunities for higher returns compared to single-currency investments [2]. - Benefit 2: Diversification of Market Risk Global allocation helps avoid concentration risk, as USD financial products are typically linked to overseas markets, offering options for risk diversification and hedging for investors holding USD assets [3]. Group 2: Accessibility and Risk Levels - Accessibility: Low Investment Threshold Most USD financial products have a minimum investment amount of just 1 USD, making them accessible for ordinary investors with needs related to overseas study or consumption [4]. - Risk Levels: Predominantly Low-Risk Products The current market features mainly fixed-income USD financial products, with risk ratings typically classified as R1 (low risk) or R2 (medium-low risk) [6][12]. Group 3: Product Features - Product Structure: Closed-End Operation The "Jinxin" series of closed-end USD financial products focuses on USD fixed-term deposits and aims to effectively diversify risks associated with single currency and asset types, enhancing portfolio resilience [11][12]. - Purchase and Redemption: USD Transactions Investors can purchase and redeem these products in USD, ensuring that both principal and returns remain in USD, which facilitates continued investment or use for other foreign currency needs [5]. Group 4: Risk Awareness - Currency Risk: Exchange Rate Fluctuations Investors should be aware of currency risks, as fluctuations in exchange rates can impact actual returns, particularly if the RMB appreciates against the USD [9].

Group 1 - The offshore RMB exchange rate broke the psychological barrier of 7.0 against the USD, reaching 6.9973, marking the first return to the "6 era" since September 2024 [3] - The appreciation of the RMB directly impacts consumers, making imported goods cheaper, such as a jacket that now costs less than 7000 RMB instead of 7300 RMB [3] - Families sending children to study in the US benefit from the exchange rate, with costs for living and studying in New York dropping from approximately 36.5 million RMB to about 35 million RMB [5] Group 2 - The import prices of goods are experiencing subtle changes, with a 5% cost reduction for imported olive oil, which may be passed on to consumers [7] - The luxury goods market is seeing a shift, with Chinese consumers spending 8% more on overseas purchases, while domestic sales only grew by 2% [8] - Export enterprises face challenges due to the exchange rate changes, with a small trading company reporting a loss of 30,000 RMB on a 100,000 USD order due to the rate drop from 7.3 to 7.0 [10] Group 3 - High-end manufacturing and self-branded products maintain stronger pricing power amid exchange rate fluctuations [12] - The appreciation of the RMB is prompting domestic investors to reassess their foreign currency assets, with one investor noting a negative real return on USD-denominated products [12] - The Chinese bond market is attracting international capital, with foreign investors increasing their holdings of RMB bonds by approximately 80 billion RMB [14] Group 4 - The real estate market is experiencing a decline in overseas property inquiries by 12%, while interest in high-end domestic properties has risen by 8% [14] - The diversification of China's foreign exchange reserves is evident, with non-USD currencies now making up about 45% of reserves, up from 35% in 2020 [16] - The development of the offshore RMB market is enhancing the market-driven nature of the exchange rate, with deposits surpassing 1.2 trillion RMB [16] Group 5 - The internationalization of the RMB is progressing, with bilateral currency swap agreements expanding by about 30% and the RMB's share in cross-border trade settlements rising to approximately 25% [18] - The central bank is actively managing market expectations through middle rate adjustments to ensure stability in the RMB exchange rate [18] - The revaluation of currency reflects a shift in the economic position of China within the global landscape, potentially reshaping global wealth distribution [20]