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Alipay, one of the two major Alibaba mobile platforms, is about to launch an open platform strategy. As an important carrier of the open platform, the service window function is in the early stage of testing. Service window diversion, precise marketing, and even credit payment capabilities are all aimed at Tencent's WeChat public account. Behind all these moves is the big data capability that Alibaba has repeatedly preached to the outside world.
According to Alipay insiders, this open strategy should be officially launched in March. A developer conference will be held in the near future, and the relevant rules of the open platform may be disclosed at the meeting.
There was some hesitation within Alipay about the name Service Window. Service Window does not sound like WeChat.
The official account of Alipay sounds high-end (high-end and classy). However, according to Liu Lejun, the person in charge of Alipay's wireless business unit, the name service window accurately reflects the platform-oriented nature of Alipay. It provides a service window for merchants. Users come to the window with a clear purpose, handle business, and complete the work. Transaction, no social interaction, no sharing and other public aspects.
Following the suspension of the industry’s unspoken rule of no penalty for early withdrawal of agreement deposits, the central bank has non-stop waved
the second measure to supervise Yu’E Bao and levy deposit reserve requirements. Why does the central bank want to levy deposit deposits on Yu'e Bao? What impact will the newly levied deposit requirement have on Yu'e Bao's future earnings?
What is supposed to come will always come, but I didn’t expect it to come so quickly. It can only be said that the impact of this wave of Internet finance has come too fast and violently, and the central bank is also a little overwhelmed. After learning that the central bank has basically determined that it will impose deposit reserve requirements on babies, an Internet finance industry insider sighed.
The Central Bank is on the verge of attacking Yu’e Bao
In this month, Sheng Songcheng, director of the Regulation Department of the Central Bank, published an academic article titled “Yu’e Bao and Deposit Reserve
Management”. This article analyzes the ins and outs of Yu'e Bao and its innovative nature from an academic perspective, and concludes that the agreement deposits purchased by Yu'e Bao should also be subject to deposit reserves. At that time, this article had a major psychological impact on the money fund market, indicating that the central bank seemed to intend to impose deposit requirements on Yu'e Bao. Unexpectedly, just over a month later, Sheng Songcheng once again published an article "What is Deposit Reserve Management" in the central bank's magazine "China Finance", detailing the deposit reserves payable for this type of deposits. reasons. In order to avoid outside doubts, he also emphasized that this does not require money market funds to pay deposits directly, but only levies deposits on the agreement deposits they purchase.
In fact, judging from the tone of Sheng Songcheng's article, it is probably not just money
funds that will be hurt in the future, because Sheng recommends other non-deposit-based financial institutions to invest in the bank's interbank deposits and money market
br/> Fund deposits are essentially the same. According to the principle of unified supervision, deposit reserve management should also be implemented with reference to money market funds. The implication is that the quasi-deposit business of many non-deposit financial institutions such as securities companies, trust investment companies, financial leasing companies, banks' off-balance sheet financial management, etc. may be subject to deposit deposit requirements in the future. Regarding these discussions in the market, Central Bank Governor Zhou Xiaochuan has previously stated that further discussions will help formulate policies.
The latest news that the reporter learned from sources is that if the previous article was to blow the market
and give a vaccination, then this article is the central bank’s official warning to the babies. The prelude to the start
. The attitude towards requiring the payment of deposit reserves is clear, but the proportion of deposits has not yet been determined. It will be determined after soliciting opinions from banks such as Yu'ebao and other parties. An authoritative person close to the central bank said this.
Why is it necessary to levy deposit deposits?
What exactly is deposit deposits? Why do you have to pay this thing in Yu’E Bao?
Sheng Songcheng pointed out in the article that generally speaking, banks cannot call back loans at any time. In other words, banks
use short-term, highly liquid liabilities to support longer-term, less liquid assets
i.e. short-term deposits and long-term loans. If a large-scale concentrated withdrawal of deposits occurs in a short period of time and loans cannot be recovered in time, banks will face liquidity risks. Therefore, banks cannot lend out all the deposits they receive. They must reserve part of the funds to meet liquidity needs in emergencies. This part of the reserved funds that is forced to be kept by the central bank is the deposit reserve.
Judging from the history of system development, the deposit reserve system was originally designed to prevent banks' liquidity risks
. But later on, the central bank discovered that in addition to preventing liquidity risks in the financial system
, this system could also adjust monetary policy through changes in the deposit reserve ratio, thus becoming a
Policy tools for macro-control.
Sheng Songcheng said that at the end of the year, the deposit balance of special purpose vehicles, including fund trust off-balance sheet financial management, in
banks exceeded the year-end level. Still taking Yu'e Bao as an example, more than 100 million Yu'e Bao funds are deposited in banks. This part of the agreement deposits are interbank deposits, which are different from the deposits of general industrial and commercial enterprises and individuals in banks and have no upper limit on interest rates. The interest rate for this part of the agreement deposit is negotiated and priced by the bank with reference to the inter-bank market interest rate, which is usually much higher than the interest rate for general deposits. For general corporate or personal deposits, there is not only an interest rate cap that does not exceed the benchmark interest rate, but also statutory deposit reserves must be paid. This advantage of interbank deposits is particularly obvious during periods of tight liquidity. At the end of the year, the inter-bank lending rate in my country was once as high as the inter-bank lending rate, and the interest rate on the negotiated deposits of Yu'e Bao deposited in banks also went up. Its impact cannot be ignored, and it is necessary and feasible to implement deposit reserve management for this part of funds.
Sheng Songcheng believes that currently in my country, only the interbank deposits of insurance companies deposited in banks are subject to the management of the statutory deposit reserve system, while many other non-deposit funds, such as money fund trusts, etc.
/>Interbank deposits placed by financial institutions in banks are of the same nature as ordinary bank deposits, so they should be subject to the management of the deposit reserve system just like
insurance companies. The reason why they were not required to make deposits in the past is that the interbank deposits deposited by China's non-depository financial institutions in banks were small in the past and had little impact on financial operations and the implementation of monetary policy. But now the scale of inter-bank deposits of non-depository financial institutions continues to expand, which has changed the financial operating model to a certain extent and has an increasing impact on the transmission and effectiveness of monetary policy.
In layman's terms, if deposits of such a huge scale are not paid deposits, theoretically it will make the transition from base currency (currency issued by the central bank) to derived currency (new currency created by banks repeatedly absorbing deposits and lending).
The money multiplier between currencies) becomes infinite, which will make the effect of the monetary policy formulated by the central bank
worse or even ineffective, leading to the failure of the central bank's control of the macro economy. Once a certain proportion of the deposit reserve is paid, the money multiplier of this part of the agreement deposit will be restricted. If the reserve ratio is
, then the currency multiplier can only reach / times at most. If the central bank wants to further shrink liquidity and cool down the macroeconomy, it can do so by raising the deposit reserve ratio.
This is the theoretical logic behind Sheng Songcheng’s support for adding deposit reserves to agreement deposits