多措并举,推动新时期大额存单市场的高质量发展

Comprehensive Measures Should be Taken to Ensure High Quality Development of Large CDs Market

大额存单重启三年多来,发行规模平稳增长,发行主体范围不断扩大,已经成为商业银行不可或缺的负债来源,尤其在同业和非标等存款派生效应减弱,资管理财新规影响和货币基金竞争的大背景下,其重要性更为凸显。但当前大额存单发展还面临收益率和认购门槛等的制约,二级市场转让功能未充分发挥也限制了部分认购需求。下一步,要以更高的战略定位看待大额存单市场,解决其发展过程中存在的诸多桎梏,更好发挥其"开正门、堵偏门"推进利率市场化的关键性作用。

Since re-launched 3 years ago,the large-denomination certificates of deposit(Large CDs)market has maintained a steady growth and a ever-expanding issuer spectrum,and has already become an indispensable source of capital for commercial banks.Nowadays in China,deposit creation through the channel of interbank or non-standard financial business has weakened dramatically,asset management business faces new rules&regulations,and competition from MMF also posed a greater challenge for banks,as a result the importance of Large CDs becomes even more prominent.Yet problems still abound,e.g.minimum purchasing amount for retail buyers remain relatively high,a sound secondary market is still to be established.In the future,we should promote the large CDs market to a new strategic height,address issues during its development,make sure the large CDs market plays a greater role in the course of interest rate reform.