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Risk and Regulation of Chinese Online Investment Products

Risk and Regulation of Chinese Online Investment Products
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摘要 The emergence of Yu'E Bao and the like provides Chinese investors with a new and flexible investment option. Such new investment instrument forces up the cost of capital of local banks and also takes away the market share from them. Yu'E Bao has allocated most investments in inter-bank money market due to the liquidity concerns. This study investigates Yu'E Bao's portfolio allocation and potential risk, and also provides policy implications for regulators. The research findings suggest that regulators should issue more provisions to further regulate the operation of online investment products and keep the liquidity risk under control, i.e. require money market funds to hold more capital in reserve on a gradual basis. By examining the case of Yu'E Bao, a new online investment product in China, this study sheds light on the recent financial development and reform of China.
作者 Jingjing Yang
出处 《Chinese Business Review》 2017年第5期234-244,共11页 中国经济评论(英文版)
关键词 Yu'E Bao online investment money market fund financial reform government regulation China 产品监管 投资者 中国 风险 在线 市场份额 资本成本 投资工具
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