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余额宝是目前中国最火热的线上“存钱罐”。本质上,它是阿里巴巴的一支线上货币市场基金,由天弘资产管理公司管理。余额宝的成功不是偶然的,而是利率市场化进程中的特殊时点与友好的金融创新环境的共同结果。一方面,银行间利率市场化被2013年10月以来的“钱荒”所驱动,导致银行间市场Shibor利率不断提高(特别是中国春节之前),如协议存款(ND)一周期Shibor利率于2013年12
Yu Bao is currently the hottest online “piggy bank ”. In essence, it is Alibaba’s online money market fund, managed by Celestica Asset Management. The success of Yu’ebao is not accidental, but a common result of a special point in the marketization of interest rates and a friendly financial innovation environment. On the one hand, the marketization of inter-bank interest rates has been driven by “money shortage ” since October 2013, resulting in an ever-increasing Shibor interest rate in the inter-bank market (especially before Chinese New Year) such as one-cycle Shibor interest rate In 2013 12