阿里巴巴旗下余额宝不断吸引传统银行储户

Li Mingyang only joined Alibaba’s investment platform one month ago but he has already transferred almost all the cash in his bank account – nearly Rmb200,000 ($32,000) – to the online fund.
李明洋（音译）一个月前刚刚开始投资阿里巴巴(Alibaba)的投资平台——余额宝，而如今他已把自己银行户头里几乎所有资金——近20万元人民币（合3.2万美元）——都转移到这家在线基金了。

He is far from alone. More than 30m people in China have signed up to Yu’E Bao, or “Leftover Treasure”, only six months since its launch.
他的情况远非个例。自上线仅6个月以来，余额宝在中国已有了逾3000万注册用户。

Initially pitched by the Chinese ecommerce group as a platform for its users to manage excess funds in their online payment accounts, Yu’E Bao is becoming something far more powerful: a straight-up substitute for traditional bank deposits.
起初，阿里巴巴对余额宝的宣传定位是，帮助用户管理在线支付账务里富余资金的平台。如今，余额宝正在变成一款比这一定位强大得多的产品，即传统银行存款的直接替代品。

“There’s no point in keeping money in the bank any more. This is just as reliable, more flexible and you can earn a lot more from it,” Mr Li says.
李明洋表示：“再也没什么理由把钱存银行了。（余额宝）这种方式同样可靠，又更灵活，收益也大多了。”

A quick swipe of the Yu’E Bao app on his phone shows the Shanghai-based editor that he has earned more interest on his account over the past day than 94 per cent of other local users – an indication Mr Li is one of the bigger Alibaba converts, though not the biggest. “This is fun, almost like a computer game,” he says with a belly laugh.
他在手机里的余额宝应用上轻划一下，屏幕上显示出，这位生活在上海的编辑过去一天里赚取的收益超过了94%的上海用户——这表明李明洋是一位较大的阿里巴巴“皈依者”（尽管不是最大的）。他大笑道：“这很有意思，几乎像是在打电脑游戏。”

For every Rmb12 that companies and individuals have deposited in Chinese banks since June, they placed roughly Rmb1 in their Yu’E Bao accounts, according to Financial Times calculations based on official data. While it remains tiny compared with total deposits in the Chinese banking system, this migration of cash from banks to the Alibaba platform is only speeding up.
据英国《金融时报》基于官方数据的计算，自6月份以来，中国企业和个人每向中国各银行存入12元人民币，就会往余额宝户头存入约1元人民币。尽管与中国银行体系的存款总额相比，余额宝吸纳的资金仍然很少，但资金从银行流向余额宝的速度正在不断加快。

In the process, it threatens to upend the rules of China’s state-protected financial sector, eroding banks’ profit model and shifting power to savers in a way that was scarcely imaginable at the start of this year.
在这一过程中，余额宝可能会颠覆中国受到国家保护的金融业行业的规则，逐步破坏银行业盈利模式，并将权力转移至存款人一方，这在今年年初的时候是人们几乎无法想象的。

Other Chinese tech companies are getting in on the act. Tencent, developer of the hugely popular messaging app WeChat, is said to be designing a fund platform similar to Yu’E Bao. Baidu, the search engine company, began marketing investment products in October.
其他中国科技企业也在采取行动。广受欢迎的消息应用微信(WeChat)的开发者腾讯(Tencent)，据说也在设计一个与余额宝类似的基金平台。搜索引擎公司百度(Baidu)则已于10月份开始推广其理财产品。

“Internet companies, with their ability to instantly reach millions of consumers, have already started to subtly change the competitive dynamic in finance,” says Ernan Cui, an analyst with GK Dragonomics, a Beijing-based research firm.
总部位于北京的研究机构龙洲经讯(GK Dragonomics)的分析师Ernan Cui表示：“互联网企业能够即时联系到成百万名消费者，这已开始微妙地改变金融领域的竞争态势。”

Some see it in even starker terms. “This could be a game-changer. It is the biggest threat to the low- and middle-income customer base of banks,” says an analyst with an international bank who asked to remain anonymous as he was not authorised to speak to media.
还有些人的看法则更一针见血。某跨国银行的一名分析师表示：“这可能会彻底改变游戏规则。就中低收入顾客群而言，互联网金融是银行面临的最大威胁。”这名分析师要求在本次报道中保持匿名，因为他尚未获得就此对媒体发表意见的授权。

Richer customers have already started shifting their funds into banks’ wealth management products, which offer much better returns than regulated deposit accounts but have high minimum investment thresholds. With Yu’E Bao, users can invest as much or as little as they want.
手头更宽裕的顾客已开始将资金转移至银行的理财产品上，这类产品比利率受到管制的银行存款回报率更高，不过投资门槛很高。而余额宝用户的投资数额没有上限也没有下限。