중국 新금융상품, 위어바오(余额宝)의 성장과중국 은행 자금조달 구조의 변화 = China’s New Financial Instruments YuEBao and It’s Implication to Financing Structures of Chines Banks

다국어 초록 (Multilingual Abstract)

This paper examined the development of YuEBao and other on-line financial instrumentsand their implication to financial structures of Chinese banks. During this last year,YuEBao had rapidly developed, because it had convenience, low risk and high returnon investment.
So, Chines banks personal saving account, especially current account was rapidlydecreased. This meaned banks’ earning foundation was also rapidly decreased. Chinesbanks enhanced the deposit interest rate, and developed the structure deposit financialinstruments.
This meaned the cost of bank financing was elevated. But Chinese governmentunderstanded that this change was not the week of Chinese financial systems but wasthe changes of internal interest structure. Furthermore, Chines government also hopedthat the development of internet finance industry could reform the monopolistic Chinesefinancial structures, so could enhance the effectiveness of Chinese financial industry.
And in Chines fund market, MMF was rapidly increased, because of the bank’sfinancing problems increased the high interest rate special deposit. But soon the bank’sfinancing problems could be solved, so the recovery of trust for Chinese stock marketcould be main point of Chinese fund market development.
Finally in these days, Chines banks were financed in offshore using RMB depositor RMB financial instruments, so the demand for RMB in foreign countries was rapidlyincreased. This changes promoted the RMB internationalization.

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