Traditional financial institutions are already brewing new "disk Waizhao"

Absrtact: If the money Fund of Internet financial products encounters differently, then the balance treasure and the high yield of similar products will be from the dead balance treasure vampire controversy has not yet settled, traditional financial institutions have been brewing a new disk Waizhao. A number of people from the banking sector

If the money fund of Internet financial products encounters "differently", then the high yield of the balance treasure and similar product will be dead

Balance Treasure "Vampire" controversy has yet to settle, traditional financial institutions are brewing a new "disk Waizhao."

Several bankers and financial experts said recently that the bank deposits of the money fund should be treated differently from those of Internet financial products. The move could lead to a sharp drop in yields on the balance and similar products.

Industry experts have suggested in a meeting of the China Banking Association that in order to maintain fair competition in the financial markets and national financial security, the deposits of the funds should be included in the general deposit management, not as the interbank deposit, and the deposit reserve shall be paid, and to comply with the large agreement deposit interest floating restrictions, if the early extraction, the current account for the calculation of interest.

At present, the mainstream Internet wealth management products are docked to the Monetary Fund, such as the balance of the days of the docking of the Hong-Li Bao, micro-credit management through the docking of the Chinese treasure treasure, Baidu Hundred earn arbitrage version of the docking of Ka real demand treasure. If the proposal is adopted by regulators, then the current wind of the Internet wealth management products will encounter extinction, more than 6% of the yield is likely to become a swan song.

Agreement Deposit

In order to reduce risk as much as possible, the investment style of the fund is very sound, including short-term government bonds, central bank bills, and deposit agreements. Among them, the agreement with the Bank of the deposit accounted for a large proportion, is the investment focus of the IMF.

Tianhong Fund's official website released data shows that Tianhong in the fourth quarter of 2013 portfolio, bank deposits and settlement of the total amount of money accounted for up to 92.21%. The interest on this part of the deposit is negotiated between the bank and the IMF. The interest difference between the bank interest and the user's benefit is the arbitrage space of the Tianhong fund and Alibaba behind it.

Since the second half of 2013, the domestic banking industry suffered a "shortage of money", forcing the major banks to attract funds. Liquidity tightening of the external financial environment, was last June on the line of the balance Bao big success of the important conditions. Since 2014, the capital has become more relaxed, the income of Internet wealth management products has also slowed down correspondingly, but is still generally maintained at more than 6%.

On the other hand, China has not liberalized the deposit interest rate, the bank deposit interest rate must not exceed the same grade benchmark interest rate 1.1 times times. That means there is little room for demand-deposit interest rates, which cannot compete with the money fund at all.

As of the middle of January this year, the total balance treasure of more than 250 billion yuan, 7th annual return rate of more than 6%, about the bank demand deposit (benchmark interest rate is only 0.35%, some banks float to 0.385%) 17 times times. Another market rumors that as of this February, the total balance treasure has actually exceeded 400 billion yuan. By contrast, the central bank's data show that deposits plunged 940.2 billion yuan in January this year, with large amounts of short-term deposits flowing to them overnight.

The rain wants to come

If the experts ' advice is adopted by the regulators, it means that the money fund for Internet banking products will be pulled back to the same starting line as the bank's current account, "One night back before liberation".

If included in general deposit management, the money deposited in the bank will face the following challenges: first, the interest rate on large-cap deposits is only 30% higher than the benchmark interest rate, the half-year is about 3.64%, the one-year period is about 3.9%, and is not previously restricted by banks and funds. Second, if the money fund is withdrawn in advance, the bank will pay interest at the current deposit rate, or 0.35%. Comprehensive calculation, the balance treasure and similar products yield will have a significant decline, it is difficult to continue to remain at the 6% high.

Alipay recently released data shows that the balance treasure plus the treasure, a year's management fee is 0.3%, the custody fee is 0.08%, the sales service fee is 0.25%, the three added, Alibaba and Tianhong Fund's income is the capital Management scale of 0.63%. Not counting the user's earnings, which is far more than 0.35% of the current-account yield.

In other words, if "special treatment", the original agreement deposit to the current account to obtain interest, then the balance treasure not only make money, and even the possibility of paying huge sums of money, the whole system will also collapse. The conversion of deposit categories is a drastic impact on the Internet Money Fund.

The move would force the affected money funds to look for other higher-yielding investments, along with higher risks, leading to a withdrawal of risk-sensitive users.

Although 2013 was seen as "the first year of internet finance", this financial innovation has received unprecedented attention, praise and criticism. Supporters say Internet finance is a great innovation and a push for financial reform; opponents call it "vampire", "parasite" and even a big hat that "endangers national financial security."

February 21, CCTV Securities information Channel Executive editor, chief news commentator Shinwen article shelling Balance treasure is the Bank of the "vampire", the appeal should "eliminate the balance treasure", public opinion in an uproar. Bankers and financial experts via the China Banking Association, advocating "deposit transformation" is another gloomy footnote to the internet financial Mountain rain.

It is noteworthy that the central bank and the CBRC have not yet had substantial regulatory documents on the Internet financial issuance. China Banking Association is not a government agency, only a banking self-regulatory organization, the membership includes more than 300 banks and other financial institutions, the competent unit is the CBRC. The private sector's recent voice may be seen as a testing of the regulatory layer.