Internet Payment Will Be Introduced In 2014.

< p > March 20th, many people attending the central bank Forum revealed that the "a href=" //www.sjfzxm.com/news/index_cj.asp "Internet Finance < /a", including the third party payment business, has always been the focus of the forum. Whether it is effective or not, the central bank did a wrong thing at an inappropriate time.

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< p > the draft for the third edition of the method, which has aroused widespread doubt, has also been revealed by participants. The central bank said that there is still some room for improvement in the method, and the quota management of external disputes can also be adjusted. "The purpose is not to affect the feelings of ordinary users."

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< p > the above personages revealed that after three rounds of soliciting opinions, the central bank also considered the "measures" formally promulgated during the year.

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< p > for Alibaba and Tencent, whether the virtual credit card can be restarted can be reopened. A clear answer is given at the central bank's Symposium: this needs to be unified with the offline credit card regulation rules, and the virtual credit card can be interpreted as a "weak real name credit card", which is limited in terms of function and amount to prevent money laundering and fraud risks.

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< p > virtual a href= "//www.sjfzxm.com" > credit card < /a >, the more influential measure is the central bank's suspension of the two-dimensional code business under the line.

The central bank said in the symposium that it has paid attention to the two dimensional code payment fraud cases, and the central bank firmly believes that the two dimensional code payment "has a great technical risk".

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People who participate in the forum also said that the central bank has repeatedly said that for the Internet finance, the central bank's ideas and ideas to encourage development will not change. Internet finance, as an important part of Inclusive Finance, is an objective existence, and is also needed by the market. It should occupy a certain market share and support P.

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< p > but there is no conflict between encouraging innovation and proper supervision.

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< p > another major focus of Internet financial regulation is focused on the balance of treasure products that have great impact on financial operation.

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< p > March 18th, Sheng Songcheng, director of the central bank's investigation and Statistics Division, published an academic article entitled "balance treasure and deposit reserve management". He suggested that the deposit fund should be managed by the money market funds, including the balance of money, to the banks, so as to reduce the regulatory arbitrage space, "make the competition environment of the financial market more fair and reasonable, and make the pmission of monetary policy more effective".

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< p > in Sheng Songcheng's view, the balance of treasure funds entering the banking system in the form of agreement deposits involves money creation and money multiplier.

Without paying the reserves, this part of the fund can theoretically create money infinitely, and the monetary multiplier can become infinite.

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The idea of "P > Sheng has aroused great repercussions.

In March 20th, Wu Xiaoqiu, assistant president of Renmin University of China, disagreed: "there is no money multiplier problem in balance treasure, so it is a bit of a layoff to raise the reserve requirement."

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< p > however, Wu Xiaoqiu's doubt is obviously untenable.

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< p > if we observe the process of money creation, the reserve ratio will affect the money multiplier and money supply.

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< p > suppose that a bank gets 100 yuan deposit, < a href= "//www.sjfzxm.com/news/index_s.asp" > deposit < /a > reserve ratio 20%, which means that the bank can only lend 80 yuan, the higher the deposit reserve ratio means, the less money the bank can lend, the less money the enterprise will get, then the less money it will create in the bank.

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< p > the emergence of monetary fund such as balance treasure has changed this process.

The depositor pferred the original 100 yuan into the balance treasure, that is, the Celestica fund, and finally the Tianhong fund deposited into the bank in the form of 90%-95% interbank deposit. The bank loaned much more money than the original 80 yuan.

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< p > because the balance of the money deposited into the bank does not reserve the reserve, theoretically, this part of the fund can be derived indefinitely and can create money supply infinitely, which will affect the effectiveness of monetary policy regulation. The consequences may be three: first, it can create money infinitely; second, do not pay deposit + + interest rate control, making the balance of treasure and banks in an unfair competition state; third, boost the overall interest rate level.

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"P >, therefore, in the view of a bank senior, under the circumstances of fighting against currency idling and shadow banking, it is expected that all kinds of policies will be put into operation in the coming year.

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In March 20th, Sheng sung said that since the 70s of last century, the United States began to study the reserve management of the fund "a href=" //www.sjfzxm.com/news/index_s.asp "> market < /a >, and the reason why it has not been implemented at present is also simple: unlike the Chinese Monetary Fund, more than 80% of the funds are invested in bank agreement deposits. Most of the assets allocation of the US monetary fund is to buy short-term treasury bonds in the United States.

Of course, there is no money creation problem.

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