Recently, a number of financial management companies, such as ICBC Wealth Management, Agricultural Bank Wealth Management, China Post Wealth Management, and Societe Generale Wealth Management, issued announcements to switch the performance comparison benchmarks for some of their wealth management products from numerical ranges to formula benchmarks for various market indices such as linked bond indices, deposit interest rates, and stock market indices. Take a “fixed income +” wealth management product as an example. The new performance comparison benchmark was adjusted to: China Bonds - New Composite Full Price Index yield* 92.00% +Shanghai and Shenzhen 300 Index yield* 3.00% + personal current deposit interest rate announced by the People's Bank of China. According to incomplete statistics, since August, the total number of announcements relating to the “change of anchor” for performance comparison benchmarks has exceeded 500. The core of this adjustment is to turn the past numerical range into a set of dynamic formulas for “looking at the market.” Every penny of wealth management products can find a corresponding market source in the new performance comparison benchmark.

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