The China Securities Regulatory Commission said last week that it is working with other agencies to develop rules for Internet finance. Industry observers say that banks are lobbying for curbs on the proliferation of online products from third-party payment services.
"Regulators are trying to walk a fine line. They don't want to kill innovation that benefits consumers, but they also don't want deposit-taking activity that's completely unregulated," said Yan.
Analysts say that even if banks are able to draw funds into their own money-market products the trend of rising funding costs will continue, as the banks' products would have to match the yields offered by online rivals.
Indeed, funds invested in Yu'e Bao and similar products eventually end up with banks anyway. Tianhong uses Yu'e Bao funds to invest mainly in interbank deposits and repurchase agreements. So whether banks borrow from Tianhong or raise funds from their own products, the cost is still higher than on ordinary deposits.
"The money stays in the system, but (online products) turn cheap deposits into expensive ones," said May Yan, Asia ex-Japan banks analyst at Barclays Capital in Hong Kong. ($1 = 6.0641 Chinese yuan)
据路透社报道,为了应对来自阿里巴巴及其他互联网巨头对中国传统银行业务的影响,中国传统银行正发起反击,旨在阻止银行存款外流到高收益率的互联网投资产品。
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2020-09-15
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