Yu 'ebao brought "a new era of grassroots financial management"

This debate lasted for a week.

First, Wenxin Niu, chief news commentator of CCTV Securities Information, wrote the blog "Ban Yu Bao", which caused a sensation. The article severely accuses Yu 'ebao of being an "evil financial" behavior that should not be tolerated, impacting the financing cost of China, and the loan customer will become the final payer; But in the eyes of ordinary people, Yu 'ebao has long been a hot topic-hence, public opinion rose up against Wenxin Niu, and the two sides started a debate about you coming and going.

this debate also forced the response of relevant institutions and regulatory authorities. On February 26th, experts from the Banking Association proposed that Internet financial and monetary funds such as Yu 'ebao be included in general deposits. On February 28th, the CSRC also reported that they were studying and formulating relevant rules to further strengthen the risk management of money market funds and the supervision of Internet sales funds.

Yu 'ebao has brought "a new era of grassroots financial management". How should we treat Yu 'ebao and its friends? Are they demons or angels? Will they really impact China's economic security?

Yu's "winning book"

unexpected

Wenxin Niu's article is sharp. He said that Yu 'ebao "seriously interferes with the market interest rate", "seriously raises the financing cost of industrial enterprises", "impacts the financing cost of the whole society in China, and impacts the economic security of the whole China", and is a "vampire" lying on the bank, a typical "financial parasite", and the final loan customers will become the ultimate payers of financing costs.

The designers of Yu 'ebao are surprised by the above accusations. Shu Ming, chief strategy officer of Ali Microfinance Services Group, said that the original intention of launching Yu 'ebao was only to provide a reasonable, legal and stable income for the money put in Alipay. "We didn't expect the emergence of Yu 'ebao to be welcomed by so many users, which we didn't expect at first." It is said that at the beginning of the launch of Yu 'ebao, Ali Microfinance Group only regarded it as one of many products. It didn't even have a name, only a common number.

bargaining chip

No matter how the opponents reprimand, ordinary people "vote with money", and idle money has flocked to Yu 'ebao at a speed and scale unprecedented in the history of China's funds. People suddenly realize that the interest rate of deposits in banks is so low, but big customers with bargaining chips can get such high interest rates.

Yu 'ebao official website shows that Yu 'ebao supports Tianhong Fund's "Zenglibao" monetary fund in the first phase. With the popularity of Yu 'ebao, Tianhong has quickly changed from an unknown fund to the second largest Public Offering of Fund in China.

According to the data disclosed by Tianhong Fund, more than 8% of Yu 'ebao Fund's investment is bank agreement deposits. Generally speaking, the interest rate of agreement deposits will be slightly higher than the interbank lending rate in the same period, and they can be withdrawn in advance, so the investment agreement deposits of the IMF account for a large proportion. Zhou Xiaoming, deputy general manager of Tianhong Fund, said that the bigger the IMF is, the more chips it has in the process of negotiating with institutions, and Tianhong Fund currently has a negotiating advantage in terms of scale.

An industry insider who asked not to be named pointed out that if there are no more off-balance-sheet assets to earn high returns and no spreads to earn, then banks will not do loss-making business; In fact, the survival of Yu 'ebao is extremely dependent on banks. As long as the off-balance-sheet assets of banks still have high returns and need certain liquidity, banks are willing to provide high interest for Yu 'ebao.

expanding territory

in the forefront, Shu Ming wants to weaken the power of Yu 'ebao as much as possible. He introduced that as of the end of January 214, the total size of China money market funds was 953.2 billion yuan, which was still very small compared with the total deposits of 47.9 trillion yuan and 13.4 trillion yuan, accounting for 2.% of the residents' deposits and .9% of the total RMB deposits. Even compared with bank wealth management products with a total scale of about 1 trillion yuan, money market funds are less than one tenth. He said that it is hard to imagine that such a small money market fund will have a huge impact on the overall interest rate level of the market and will "seriously interfere with the interest rate market." Shu Ming said that Yu 'ebao is a follower of market interest rates, not a decider.

but the bank's worry is not unreasonable, because the expansion speed of Yu' ebao is as amazing as a rocket. Relevant persons of Tianhong Fund confirmed to reporters that as of February 26th, the number of accounts opened by Yu 'ebao had exceeded 81 million. According to the balance treasure scale of 4 billion yuan and the number of accounts opened in mid-February, the average household size is about 65 metadata. At present, the scale of balance treasure is likely to have exceeded 5 billion yuan.

The "banking model" is under threat

The spread era

Cai Jianchang, the managing partner of Ernst & Young's financial services audit service in Greater China, and Xu Xuming, the partner of Ernst & Young's financial services department, who have participated in writing the "Annual Analysis Report of Ernst & Young's Listed Banks in China" for many years, accepted an exclusive interview with the Yangcheng Evening News reporter. They introduced that according to the statistics of China Banking Regulatory Commission, the net interest income of China commercial banks (including large commercial banks, joint-stock commercial banks, city commercial banks, rural commercial banks and foreign banks) accounted for 81% in 211, 8% in 212 and 79% in 213.

At present, the domestic bank deposit interest rate in China is only 1% higher than the benchmark interest rate, which is still controlled by the regulatory authorities. At the same time, the loan interest rate is fully liberalized, thus forming a policy protection spread that banks are widely criticized. The counterattack of Yu 'ebao has undoubtedly greatly reduced the bank spread and is gradually ending the "old times" when banks made money easily.