郑州航空工业管理学院学报
鄭州航空工業管理學院學報
정주항공공업관이학원학보
JOURNAL OF ZHENGZHOU INSTITUTE OF AERONAUTICAL INDUSTRY MANAGEMENT
2012年
4期
132-136
,共5页
人民币汇率双向浮动%美元指数%资产配置%理财产品设计
人民幣彙率雙嚮浮動%美元指數%資產配置%理財產品設計
인민폐회솔쌍향부동%미원지수%자산배치%리재산품설계
the RMB floating exchange rate regime%US dollar index%asset allocation%financial product design
中国人民银行决定自2012年4月16日起,扩大外汇市场人民币兑美元汇率浮动幅度。这意味着人民币汇率将告别单向升值走势,走向双向浮动时代。在此背景下商业银行理财产品的设计,应结合我国目前宏观经济、金融形势并根据投资者的风险偏好,更多考虑基础资产的趋势判断及资产配置问题。为此我们设计一款挂钩于美元指数与美元指数期货的理财产品,在市场普遍不看好美元的情况下看多美元指数,并采用美元指数期货进行套期保值的方式降低产品的风险。该产品预期收益率高于当期的通货膨胀率且本金损失的可能性很小,主要针对我国风险承受能力较强的高净值人群所设计。
中國人民銀行決定自2012年4月16日起,擴大外彙市場人民幣兌美元彙率浮動幅度。這意味著人民幣彙率將告彆單嚮升值走勢,走嚮雙嚮浮動時代。在此揹景下商業銀行理財產品的設計,應結閤我國目前宏觀經濟、金融形勢併根據投資者的風險偏好,更多攷慮基礎資產的趨勢判斷及資產配置問題。為此我們設計一款掛鉤于美元指數與美元指數期貨的理財產品,在市場普遍不看好美元的情況下看多美元指數,併採用美元指數期貨進行套期保值的方式降低產品的風險。該產品預期收益率高于噹期的通貨膨脹率且本金損失的可能性很小,主要針對我國風險承受能力較彊的高淨值人群所設計。
중국인민은행결정자2012년4월16일기,확대외회시장인민폐태미원회솔부동폭도。저의미착인민폐회솔장고별단향승치주세,주향쌍향부동시대。재차배경하상업은행리재산품적설계,응결합아국목전굉관경제、금융형세병근거투자자적풍험편호,경다고필기출자산적추세판단급자산배치문제。위차아문설계일관괘구우미원지수여미원지수기화적리재산품,재시장보편불간호미원적정황하간다미원지수,병채용미원지수기화진행투기보치적방식강저산품적풍험。해산품예기수익솔고우당기적통화팽창솔차본금손실적가능성흔소,주요침대아국풍험승수능력교강적고정치인군소설계。
The People＇s Bank of China decided to expand the floating range of the foreign exchange market a- gainst U.S. dollar since April 16,2012, which means that the one- way appreciation trand is ending, and usher in a two - way floating exchange rate regime. In this context, when commercial banke design their finan- cial products, not only investors＇risk preference, but also China＇s current macro -economic and financial situ- ation should be concerned,making a tendency judgment on underlying assets and assets allocation. At the mo- ment, it is not optimistic about U.S. dollar in the market. Therefore, we introduced a financial product linked with U.S. dollar index and U.S. dollar index futures, taking a long position in U.S. dollar index, hedging with U.S. dollar index futures to reduce the risk level. The product is expected to yield higher than the current inflation rate and the possibility of loss of principal is very small. This product is mainly designed for the peo- pie who has higher net worth and would like to take an extra risk.
