Sheng Songcheng: Balance Treasure If The Reserve Management Revenue Decreased By 1 Percentage Points

< p > the discussion between the balance of treasure and regulation has not ceased. Sheng Songcheng, director of the investigation and Statistics Department of the people's Bank of China, wrote that the balance of Baoying was included in the deposit reserve management. < /p >
< p > Sheng Songcheng said that the fund's deposit into the bank's funds is not an important reason why the balance treasure gets high returns. Assuming that the balance of treasure - the investment fund of the Zeng Li Bao investment bank deposit deposit reserves of 20%, according to 6% of the fund agreement deposit interest rate and China's unified 1.62% of the statutory reserve requirement rate, the annual yield of the balance treasure will be reduced by about 1 percentage points. < /p >
< p > Sheng Songcheng pointed out in his article that in general, banks can not recover loans at any time. That is to say, banks are assets with short maturities and strong liquidity, which support longer maturities and weaker liquidity. < /p >
< p > if there is a large concentrated withdrawal of deposits in a short time, loans can not be recovered in time, and banks will be faced with liquidity risk. As a result, banks can not fully absorb deposits, and must retain some of their funds to deal with liquidity needs in emergencies. < /p >
< p > deposit reserve system is an important means for banks to solve the mismatch between assets and liabilities and liquidity management. For the central bank, it is an important tool to prevent liquidity risk and maintain financial stability. < /p >
< p > > a href= "http://www.91se91.com/news/index_c.asp" > Sheng sung Cheng < /a >, it is said that the management measures of the corresponding reserve fund for money market funds, such as balance treasure, are directly required for the money market fund to deposit reserves. This is a wrong understanding and a misunderstanding of the basic knowledge and basic requirements of the deposit reserve system. < /p >
< p > < < a href= > http://www.91se91.com/news/index_c.asp > > money market > /a > fund deposit into bank deposit is not a precedent for interbank deposit reserve. The agreement deposits deposited by Chinese insurance companies are included in the statistics of banks' deposits, and reserves are required. < /p >
Apart from insurance companies and money market funds, China also has many non depository financial institutions such as securities companies, trust investment companies, financial leasing companies, and banks' off balance sheet financing, etc., which can be regarded as financial institutions outside the list. These institutions deposit the same nature in the interbank deposits and money market fund deposits of banks, and are not currently under the control of the legal reserve requirement for P. < /p >
< p > Sheng Songcheng said that in the past, China's non deposit class < a href= "http://www.91se91.com/news/index_c.asp" > financial institutions < /a > the interbank deposits deposited in banks were relatively small, which had little impact on the implementation of financial operations and monetary policies. In recent years, the scale of interbank deposits of non deposit financial institutions has been expanding. To some extent, it has changed the mode of financial operation and has more and more influence on the transmission and effectiveness of monetary policy. < /p >
< p > Sheng Songcheng said that at the end of 2013, the balance of the special purpose vehicle including capital trust and off balance sheet financing in the bank exceeded three times at the end of 2009. Taking the balance treasure as an example, more than 95% of the about 500000000000 Yuan in the balance of treasure funds is stored in banks, and its impact can not be ignored. It is necessary and feasible to implement the deposit reserve management for this part of the funds. < /p >
< p > "if the money market fund agreement deposit absorbed by banks is managed by deposit reserve fund, the cost of this part of the bank will increase significantly, which will directly lead to a decline in the income of the balance treasure." Sheng song Cheng said that any industry has its own characteristics and special operation rules, and can not only see some partial, superficial and temporary phenomena. Financial operation seems not complicated, but it is not simple. < /p >