Yu 'ebao accused it of being a "vampire" lying in a bank, a typical "financial parasite" and should be banned. When a word came out, the house was full of surprises, and public opinion was overwhelming for a time.
Yu 'ebao responded quickly and expressed his innocence in his official long microblog "Remember an unforgettable weekend". Some netizens who invested in Yu 'ebao were also angered. Weibo and WeChat are full of their counterattacks, calling the proposal to ban Yu 'ebao "absurd" and Yu 'ebao "what's the crime" and "let this catfish go". ...
Wenxin Niu later had to admit that he was scolded "miserably".
The debate around Yu 'ebao is very interesting. It not only represents the bank elite, but also represents the grassroots, reflecting the intergenerational gap and discourse collision in the Internet 1.0 and 2.0 times. The speech was lively, but a little out of focus.
When Yu 'ebao was born in June, 20 13, people who lacked investment channels were overjoyed by its higher rate of return and faster and more flexible purchase and redemption arrangements than bank deposits, and they voted with money to "move" bank deposits to Yu 'ebao. In just a few months, Tian Hong Fund, the partner of Yu 'ebao, has developed from a little-known fund company to one of the largest monetary funds in the world, with a capital scale exceeding.
At first, the bank didn't care about Yu 'ebao. Later, as deposits continued to be lost to similar Internet financial products such as Yu 'ebao, they began to be secretly frightened and fidgety.
In recent days, the debate about whether Yu 'ebao should be banned has swept the Internet. In fact, the core and key of this debate lies in the emerging interest rate marketization.
There must be something unique behind Yu 'ebao's popularity, and its model has also been widely discussed. If this kind of innovation is "vampire" and "parasite", then why have even banks launched their own funds similar to Yu 'ebao? This doesn't make sense logically.
At present, the deposit interest rate of domestic banks is only 65,438+00% higher than the benchmark interest rate, which is still controlled by the regulatory authorities. At the same time, the loan interest rate was fully liberalized, forming a policy protection spread that was widely criticized by banks. The counterattack of Yu 'ebao has undoubtedly greatly reduced the bank spread and is gradually ending the "old times" when banks made money easily. Therefore, it is imperative to fully market the deposit interest rate and loan interest rate, and the market is forced to reform.
According to the mindset of 1.0 in the Internet era, as long as the regulatory authorities order the ban on Yu 'ebao, the bank's predicament is expected to be solved, or the regulatory authorities force the bank to give blood to the real economy.
Wait a minute! What is the "decisive" role of market in resource allocation?
Innovation always runs ahead of supervision, and the supervision department must never ban innovation. The market can solve good things, and the government should not extend its hand! The regulatory authorities should do a good job in investor education, formulate market competition norms, and strengthen the supervision of Internet financial products, requiring Bao Yue to provide more transparent information in information disclosure and risk control, and the rest should be left to the market to solve.
Yu 'ebao undoubtedly touched the interests of banks and brought subversive new thinking to the financial circles in China. However, if you are afraid of innovation, you will never wake up a person who is pretending to sleep. I think the reduction of RRR is beneficial to the development of the stock market, because it releases long-term liquidity and is conducive to the formation of capital. The systemic risk of China stock market is mainly reflected in two aspects. The first is the serious scarcity of long-term capital. In the financial market, short-term wealth management products with a maturity of less than 6 months have exploded, occupying a lot of funds, while long-term wealth management products have been ignored. Of course, things are getting better now.
There is also a systemic risk that the central bank has to use interest rate instruments frequently in order to stabilize the exchange rate, and the frequent rise and fall of interest rates makes the investment income of the stock market lose its benchmark.