4月支付备付金连续回升，2.5万亿元是何水平？市场“出清”有何影响？

Core Viewpoint - The People's Bank of China has released the latest asset-liability statement, indicating a rise in non-financial institution deposits (payment institution reserve funds) to 24,573.54 billion yuan as of April 2025, up by 684.89 billion yuan from March 2025 [1] Group 1: Payment Institution Reserve Funds - As of January 2025, payment institution reserve funds exceeded 30,000 billion yuan, reaching a historical high of 30,909.63 billion yuan, but subsequently fell below 24,000 billion yuan in February and March before rebounding in April and May [2][3] - The current scale of payment institution reserve funds is maintained around 25,000 billion yuan, reflecting a cyclical fluctuation influenced by consumer demand and financial management needs [3][7] Group 2: Regulatory Environment - Since 2017, payment institutions have been required to implement centralized custody of customer reserve funds, with a 100% deposit requirement established from January 14, 2019 [3] - Recent penalties have been imposed on payment institutions for violations related to reserve fund management, highlighting ongoing regulatory scrutiny [4][6] Group 3: Market Dynamics - The number of licensed payment institutions has decreased, with 101 licenses revoked, leaving only 170 licensed institutions in the market, indicating a process of industry consolidation [4][7] - Despite the reduction in the number of institutions, the impact on reserve fund fluctuations is expected to be minimal, as over 90% of the reserve funds are concentrated in leading payment institutions [7]