Research On The Optimization Of The Yield Of Foreign Exchange Structured Wealth Management Products

With the gradual development of C hina’s economy,people’s living standards has improved,residents began to have idle funds for financial investment.But since November 2015,the perfor mance of C hina’s stock market continued to slump,coupled with the bank’s current deposit interest rate is only 0.3%.So the stock and bank deposits are not enough to meet people’s desire to use idle funds to get more benefits.2016 is known as the Internet era,all kinds of small financial companies developed relying on the Internet began to focus on small and medium-sized investors,launched the battle for customers with the traditional commercial banks.F inancial institutions began a fierce competition with each other,how to design new products to attract customers becomes one of the biggest focuses.For commercial banks,with the traditional business innovation,in order to ensure the maximum profit under the premise as much as possible to reduce the risk that attracting customers is particularly important.This gives the development of financial products market and has brought unprecedented opportunities for different audiences.F inancial products with different characteristics have sprung up into the market.This paper takes the C hina Construction Bank "foreign exchange" personal foreign currency financial products as the research object,stands in the perspective of the bank and strives to maximize revenue.This paper divided "foreign exchange" income into two parts(fixed income a nd the exchange rate of income)to find out the possibility of the further optimization of the product yield,and carries on the optimization,add the two part of rate of return in the end.First of all,in the fixed income part,this paper selects different maturities of treasury bonds,policy financial bonds,central bank bills investment target,optimal asset allocation ratio using the mean variance portfolio method to identify three of the investment period that profit from exchange products issued duration of 60 days,90 days,180 days and the corresponding rate of return distribution.O n the basis of this,the optimized return rate and the bank deposit rate of the same period of our country are compared to verify the validity of the model.Validation results show that after the optimization,the China Construction Bank issued the three term "profit exchange" in fixed income products can get not less than 4.1% of the rate of return,relatively speaking,C hina’s current deposit interest in the bank deposit rate is 0.35%,90 for a period of 1.1% days,180 days for a period of 1.3% the latest one;the Construction Bank(2016 twenty-fourth)"profit from exchange" investment for a period of 84 days,the expected annual yield of 2.6% released.Therefore,the fixed income part of the optimization program is feasible.Secondly,in the exchange rate of income,this paper use support vector machine quantitative timing method,selection of macroeconomic factors affecting the exchange rate fluctuations in the market price as the input variables,influence on the relationship between these variables and the dollar against the RMB.By trial and error method to determine the parameters of support vector machine,the mean squared prediction error(MSE)and the predictive value of the two comparison chart and the true value of the final group of parameters-3 2?=10,C(28)10,the prediction results of support vector machine selection method is more close to the true value in the combination of parameters.In addition,compare the benefits that CCB can earn by investing in the foreign exchange swap market when the expected exchange rate is occur in three cases: rising,flat,down.Combine with the prediction results of the exchange rate,select to issue "foreign exchange" personal foreign currency financial products in the exchange rate down period,CCB will gains the exchange rate due to exchange rate fluctuations.The yield is 0.04%~0.39%,which means that by selecting the appropriate timing of the issue,CCB can benefit from exchange rate fluctuationsBased on the above research,the Construction Bank "foreign exchange" the proportion of investment in fixed income part of the personal financial products in foreign currency and exchange rate fluctuations according to two aspects puts forward some suggestions to the select ion of appropriate timing issue.Firstly,the current "foreign exchange" part of the fixed income investment target investment ratio exists the possibility of further optimization in accordance with the mean variance portfolio of the underlying investment proportion of investment rationally,CCB in fixed income higher yields.Secondly,the current exchange issue time surplus can be further optimized,t he trend of using support vector machine method to quantify timing the market exchange rate forecast,and then select the exchange rate issue "profit exchange",will be able to increase due to exchange rate fluctuations in the market of the extra income rate.