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Service Complaint Business Inquiry Processing Refunds Adding Deposit Reserves
Inquiry Processing Recharges and Transfers Unaccounted Fund Income Refunds Returns Complaints Negative Reviews Cannot be put on or off the shelf (check credit rating). The service window, one of the two major platforms of Alibaba mobile terminals, 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. Draining traffic from service windows, precise marketing, and even credit payment capabilities are all aimed at Tencent's WeChat official account
. Behind all the moves is the big data capability that Alibaba has repeatedly preached to the outside world. According to insiders in the service window, this open strategy should be officially launched in March. A developer conference will be held in the near future, and relevant rules of the open platform may be disclosed at the meeting. There was some hesitation about the name Service Window internally. Service Window doesn’t sound as high-end as WeChat’s official account (high-end and classy). But according to Liu Lejun, head of the service window wireless business department, the name service window accurately reflects the platform-based nature of the service window. It provides a service window for merchants. Users come to the window for a clear purpose, to handle business and complete transactions, without social interaction. , no sharing and other publicity. After suspending the unspoken industry rule of no penalty for early withdrawal of agreed deposits, the central bank has non-stop launched a second step to supervise Yu'E Bao and levy deposit reserves. Why does the central bank impose a levy on deposits for 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 unable to hold back. After learning that the central bank has basically determined to impose deposit reserve requirements on babies, an insider in the Internet finance industry lamented. The central bank launched a massacre against 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"
The 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 recently published an article "What is Deposit Reserve Management" in the central bank's magazine "China Finance", detailing the reasons why deposit reserves should be paid for this type of deposits. To avoid outside doubts, he also emphasized that this does not require money market funds to pay deposit reserves directly, but only levies deposit reserves on the agreement deposits they purchase. In fact, judging from the tone of Sheng Songcheng’s article
I’m afraid it’s not just money funds that will be hurt in the future, because Sheng suggested that the interbank deposits of other non-depository financial institutions in banks are essentially the same as the deposits of money market funds. , 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, and off-balance sheet financial management may be subject to deposit deposit requirements in the future. Regarding these discussions in the market, Central Bank Governor Zhou Xiaochuan previously stated that further discussions would be helpful in formulating 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, this article is the prelude to the central bank's official move against the babies. 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'e Bao and other parties. An authoritative source close to the central bank said so. Why is it necessary to impose a levy on deposits?
What exactly is a deposit deposit? Why does the service window have to pay this thing? Sheng Songcheng pointed out in the article that generally speaking, banks cannot call back loans at any time. In other words, banks use shorter-term and more liquid liabilities to support their maturity
longer and less liquid assets, that is, short-term deposits and long-term loans. If a large-scale centralized 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, and must retain part of the funds
To cope with liquidity needs in emergencies, this part of the reserved funds that are 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 found 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 macro-control policy. tool. Sheng Songcheng said that at the end of the year, the deposit balance of special purpose vehicles including funds
trust off-balance sheet financial management in banks exceeded the end of the year. 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 inter-bank 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 of 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 general deposit interest rate. 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 deposited. This advantage of interbank deposits is particularly evident during periods of tight liquidity. At the end of the year, my country's inter-bank inter-bank lending rate was once as high as possible, and the interest rate on the
agreed deposits of Yu'e Bao deposited in banks has also risen. Its impact cannot be ignored, and it is necessary and feasible to implement deposit reserve management on 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 the interbank deposits deposited in banks by many other non-depository financial institutions, such as money fund trusts, etc. It has the same nature as ordinary bank deposits, so it should be managed by the deposit reserve system like an insurance company. The reason why they were not required to make deposits before was because 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. However, the scale of interbank 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 cause a decline in the balance between base currency (currency issued by the central bank) and derivative currency (currency newly created by banks through repeated accumulation and lending). The monetary multiplier becomes infinite, which will make the monetary policy formulated by the central bank less effective or even ineffective, leading to the failure of the central bank's macroeconomic control. Once a certain proportion of deposit reserves is paid
, the money multiplier of this part of the agreement deposits will be restricted. If the reserve ratio is , then the money 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
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