阿里巴巴旗下余额宝不断吸引传统银行储户

Moreover, just like demand deposits at banks, users can withdraw their money from Yu’E Bao whenever they want. But while demand deposits earn an annualised rate of 0.35 per cent in banks – a level capped by the government to ensure that banks have plump profit margins – Yu’E Bao rates have averaged about 5 per cent over the past month.
另外，和银行活期存款一样，余额宝用户能随时从余额宝账户提取资金。如今银行活期存款年利率只有0.35%（为了确保银行能获得丰厚的利润，政府将活期存款利率限制在这一水平），而过去一个月余额宝的平均年化收益率则为约5%。

Little wonder that it has drawn such rampant demand. Launched in June, Yu’E Bao has in short order become China’s most successful money market fund. As of last month it had raised Rmb100bn, the first to reach that milestone.
因此，余额宝带来如此巨大的需求也就毫不奇怪了。自6月份上线以来，余额宝很快成为了中国最成功的货币市场基金。到上个月为止，余额宝已筹集了1000亿元人民币，是首只达到千亿级别的货币市场基金。

Behind the Yu’E Bao brand name stands Tianhong Asset Management, in which Alibaba bought a majority stake in October. Tianhong invests all the Yu’E Bao cash in money market funds, mainly consisting of interbank loans and some short-term debt securities, according to analysts. So the cash still largely ends up with banks, but rather than paying a government-controlled rate for it, they pay whatever is the going market price for money.
站在余额宝身后的那家基金公司是天弘基金管理有限公司(Tianhong Asset Management)，今年10月阿里巴巴收购了该基金大部分股权。分析人士称，天弘将所有余额宝资金都投入了货币市场基金，主要包括银行间贷款及部分短期债务证券。因此，余额宝的现金大部分最终仍流入银行，不过这些现金的回报率是按照市场价格确定的，而不是按照由政府控制的利率确定。

It is, in other words, ushering in interest rate deregulation in a big way. This week’s spike in Chinese interbank rates in part reflects the growing competition for deposits. Given that regulators have been loosening their grip on interest rates but want to proceed in a gradual manner, the success of Yu’E Bao and other internet-based money market funds poses a big challenge to that strategy and could yet invite more scrutiny.
换句话说，余额宝在以一种宏观方式走利率去监管化的道路。上周中国银行间利率的急剧攀升部分反映出银行间日益激烈的揽储竞争。监管机构一直在放松对利率的管制，不过他们打算以一种渐进方式推进利率市场化进程。有鉴于此，余额宝及其他基于互联网的货币市场基金的成功对这一渐进式策略构成了巨大挑战，并仍有可能招致严格审查。

“The banking network will always have its place in the financial architecture, and the government will keep its hands on it, so I don’t think it will let Alibaba become a huge threat. It will be more of an addition,” says Billy Leung, an analyst with the RHB Research Institute.
RHB研究所分析师Billy Leung表示：“银行网络始终会在金融体系中占有自己的位置，政府也会继续插手。因此，我认为政府不会容许阿里巴巴发展为一个巨大威胁，阿里巴巴更有可能成为银行的一种补充。”

Alibaba downplays the challenge Yu’E Bao poses to banks. “The users that our platforms are serving may not necessarily overlap with those that are being served by the traditional banking and financial services industry,” says Alipay, Alibaba’s online payment system.
阿里巴巴也在淡化余额宝对银行业构成的挑战。该集团在线支付系统支付宝(Alipay)表示：“我们的平台所服务的客户，与传统银行和金融服务业服务的客户不一定重合。”

But in recent days Alibaba has launched an aggressive marketing campaign, plastering subway stations in Shanghai and Beijing with ads that leave little doubt the company has banks in its sights.
不过，阿里巴巴最近开始了一场咄咄逼人的营销活动。在北京和上海的地铁站里，贴着阿里巴巴的广告，这些广告的内容令人不能不怀疑它已将银行视为对手。

“The Yu’E Bao annualised return is nearly 14 times higher than the demand deposit rate,” the ads blare. “It’s a wallet that makes you money.”
广告中高调声称：“余额宝累计收益率（年化）……是活期存款的近14倍。”还有句广告词说：“支付宝钱包，会赚钱的钱包。”