The Foreign Exchange Quota Of Several Fund Companies Has Been Exhausted.

After the Federal Reserve announced a 25 basis point increase in interest rates, the boots that had hung for a long time finally landed.

The opening of interest rate means that the US dollar will appreciate and the pressure of RMB depreciation will increase. The demand for overseas allocation of domestic funds will become more and more prosperous.

Institutional customization is the main force.

Although this year's QDII revenue is difficult to compete with the equity fund, but when the domestic demand for funds to sea is surging, QDII is not a small purchase enthusiasm.

At the same time, fund companies often used half of their foreign exchange quota in their hands.

According to "daily economic news" reporter, some of the fund's foreign exchange quota has been used up, only a small number of companies are still more abundant.

"Our company's foreign exchange quota has been used up in the first half of the year, and some products have also been suspended for a large purchase."

The head of international business of a fund company admitted.

People from the International Business Department of a fund company in the South also privately stated that the foreign exchange quotas of the general fund company are usually between 500 million and 1 billion dollars, and the foreign exchange quota of their company is less than 1 billion dollars, which basically ran out in the four quarter.

A person from a fund company in Shanghai said that because the company sold QDII new products, the current amount is still surplus but not much.

Many fund industry insiders said that after March, the foreign exchange department suspended the foreign exchange quota approval, mainly when the State Council authorized the amount of the safe to be approved.

In the case of increased demand for offshore asset allocation, the amount of foreign exchange in the fund companies is becoming less and less.

According to statistics, at present, more than 10 QDII, including overseas Chinese income bonds, and China Pacific Asia Pacific select limited, have restricted the purchase of large quantities.

QDII is so hot that it is inseparable from the organization.

"QDII's current demand is mainly from high net worth customers and institutions.

As far as the amount of funds is concerned, the demand for institutional capital is also different, tens of millions, and hundreds of millions or even 1 billion yuan.

The foregoing international business leader said.

Zhang Xi, general manager of product development department of Huabao Xingye fund, said that the international crude oil prices have dropped sharply in recent years, and the enthusiasm of customers to buy oil through the purchase or purchase of Huabao oil and gas has been rising.

Both inside and outside, customer participation is more positive.

The International Business Department of a fund company in the South pointed out that the demand for QDII in the second half of this year began to grow, and the demand for institutional demand grew rapidly in the form of customized accounts, especially for some financial institutions.

"Recently, QDII has made a lot of purchases. Since August, the volume of purchase has increased significantly, especially the growth of institutions."

The above Hushi fund company official said.

The first rate hike in the US in the past 10 years has changed its market environment which is close to zero interest rate for 7 years. For investors with overseas asset allocation requirements, where is the ideal investment place for offshore assets?

The Hushi Fund said that Future Ltd products will continue to focus on the US stock and bond markets, especially Chinese companies' offshore bonds.

Zhang Xiye believes that in the global market allocation, priority can be given to the relatively strong US stock market. The Fed's interest rate will also support the US dollar. If the rate increase process is slow rather than radical, the impact on the stock market will be limited.

In addition, Hong Kong stock can also be considered as a Chinese stock market. Investors are relatively familiar with low valuations, and have relatively high margin of safety relative to A shares.

"The Fed raises interest rates, the risk-free interest rate goes up in the United States, and the future consideration is to configure some stocks with a scarcity of targets. Financial stocks such as bank shares also have certain allocation value, and the fixed income class tends to be US dollar bonds."

A former southern fund company said.

Haitong related people also said that in the background of relatively strong dollar and relatively high yield of US dollar bonds issued by domestic enterprises, investors with low risk preference can configure QDII funds which mainly invest in US dollar bonds issued by Chinese companies for a long time, and expect to earn no less than the yield of domestic bond funds.

In addition, there are fund companies related analysts pointed out that historically, the dollar interest rate increase will cause emerging market capital outflows, leading to further shocks in its market.

Since the three quarter, many emerging markets have been downgraded and are relatively cautious next year.

The supply of crude oil is far greater than that of commodities, and the price of commodities is not very optimistic.

However, oil prices have fallen by more than 60% this year, and there may be trading investment opportunities.

Over the past few years, high yield debt has performed well, but there have been fluctuations after the Fed raised interest rates.

Stable return assets are the most popular.

It is worth noting that institutions are more interested in fixed income assets.

Haitong fund related people said that the recent company QDII scale increased slightly, investors tend to be less volatile fixed income products, reducing the risk of overseas investment.

"We did it.

It is mainly class fixed income products whose expected yield is 2~3 percentage points higher than that of domestic similar products.

The offshore market is mainly Hongkong, not only high yield debt, but also a lot of structured products.

The foregoing international business department said.

Zhang Xi also pointed out that investors prefer relatively familiar offshore assets, such as fixed income products issued by Chinese enterprises overseas, China stock market and us blue chip stocks.

The relevant medium-sized fund companies said that in addition to fixed income and bond products, the company also did not listed REITs, real estate trust products and so on.

"Institutions initially invest in stable assets, especially bonds.

We also invest in overseas stocks, IPO and structured products with stable returns.

This is mainly based on the risk preference of the organization. It is more concerned about the low risk products with an annual yield of more than 5%. If the QDII yield is above 6%, it will be very attractive to the organization. "

The director of the International Business Department explained further.

According to the reporter's understanding, under the demand of institutional customers, the pursuit of absolute return.

It has been incorporated into the product planning camp of several fund companies.

A person from the International Business Department of a fund company in the south said that at present, the company has a more comprehensive orientation in terms of QDII, stocks and bonds. Under the supervision permit, the hedging and balanced products, especially the hedging type absolute return products, will be considered.

Cathay Pacific Fund recently launched a QDII-FOF fund with the main configuration of offshore absolute income fund. Its goal is to invest offshore funds with low investment risk and good profits.

The above mentioned medium-sized fund fund company stakeholders explained that, in the current global economic cycle pformation process, for all kinds of products, there was no obvious trend or prospect variety in 2016. At that time, absolute income fund appeared more valuable in overseas allocation needs.

Zhang Xi said the company plans to launch the US quality consumer index fund in the first quarter of next year, tracking the performance of the US alternative consumer sector.

In addition, it plans to issue China's small and medium sized index fund listed on the stock exchange, providing tools to invest in small and medium capitalization Hongkong Chinese stocks outside Hengsheng state-owned enterprises to fill the market gap.

Haitong fund plans to use the QDII bond fund as the key R & D direction in 2016, mainly investing in US dollar bonds issued by Chinese companies overseas, which can better combine the research capabilities of the bond research team for domestic enterprises and the ability of shareholders and Hongkong subsidiaries to study the environment outside the market.