这种全行业的发债热潮，是金融机构对内外环境的主动适配。 从银行到非银机构，发行金融债已从"选择"变为"刚需"。 从数据看，这一趋势已形成鲜明态势。Wind数据显示，截至7月1日，今年以来银行机构剔除同业存单 及ABS（资产支持证券）后的金融债发行量突破9.11万亿元，同比激增110%；非银机构中，保险、信托 发债增速分别达134%和71%。如此规模的增长，绝非偶然。 从外部环境观察，低利率窗口的红利不容错失。2024年以来，市场利率持续下行，10年期国债收益率目 前稳定在1.7%以下的低位运行，这不仅为金融机构拥有2%以下的融资成本创造了机会，也为其长期负 债"锁价"提供了绝佳时机。 时间轴对比看，金融机构发债成本出现了大幅下降。以国有大行为例，其5月底发行的10年期二级资本 债票面利率仅1.93%，较2024年同期限产品下降69个基点。 横向与定期存款对比看，当前3年期AAA级金融债利率较同期定期存款低30个基点。这也再次验证，发 行金融债既能替代高成本存款降低付息压力，又能通过长期限发行稳定负债结构。 北京商报评论员 岳品瑜 政策护航更让这一趋势如虎添翼。从金融债审批由"单笔审批"改为"年度备案"，到鼓励 ...

Historical Evolution of Deposit Reserve System - The deposit reserve system originated in the early 18th century in the UK, evolving from spontaneous interbank clearing needs to a legal risk buffer mechanism in the early 19th century in the US [5][21] - In China, the system was officially established in 1984 when the People's Bank of China began exercising central bank functions, with significant reforms occurring in 1998 to enhance the payment and clearing functions of reserve deposits [5][10] - Since 2015, China's reserve requirements have been assessed using an average method, providing important liquidity management buffers for banks [5][10] International Comparisons and Practices - Internationally, central banks like the Federal Reserve and the European Central Bank have adopted various reserve management practices, including accepting cash reserves and implementing tiered reserve requirements [13][47] - The experience of developed countries shows a trend of lower legal reserve requirements and higher excess reserves compared to China, which currently operates under a framework of structural liquidity shortage [8][13] Future Directions of Deposit Reserve System Reform - Conditions for breaking the 5% experience lower limit for reserve requirements are gradually maturing, with necessary institutional arrangements in place to support the transition [6][14] - The shift from quantity-based monetary policy to price-based policy is a prerequisite for relaxing the legal reserve requirement system, indicating a potential future direction for reform [6][14] Regulatory Functions and Macro-Prudential Management - The deposit reserve system has evolved to include differential reserve requirements and macro-prudential assessments, enhancing the ability to manage systemic financial risks [5][34] - The introduction of the macro-prudential assessment framework in 2016 marked a significant shift in focus from narrow credit growth to broader credit metrics, integrating various financial indicators into the regulatory framework [34][37] Implications for the Bond Market - If the reform of the reserve requirement system is implemented, it may lead to short-term benefits for the bond market, including increased liquidity and potential for larger fund releases during rate cuts [14] - However, the long-term impact on the bond market may be neutral, as the transition to price-based control could diminish the influence of reserve adjustments on market dynamics [14]

在社交平台上，深圳、北京、天津、杭州等多地均有人发帖，希望本地银行可以存款附赠LABUBU。有网友调侃表示"一代人有一代人的鸡蛋要领"， Labubu就是当代年轻人的"鸡蛋"。 不过，该活动开展不到半个月，就被爆出近期长三角地区金融监管部门重申禁令，明确禁止银行通过赠送实物礼品或与互联网平台合作等方式吸收存款，要 求银行立即停售违规产品，并在2025年底前完成存量业务清理。 金融行业凡事看合规。2018年发布的《关于完善商业银行存款偏离度管理有关事项的通知》明确规定，不得通过返还现金或有价证券、赠送实物等不正当手 段吸收存款。近年来，监管部门更是多次重申禁止贴息、加强MPA（宏观审慎评估体系）考核、督促银行优化存款结构以摆脱季末冲规模的现象。多家银 行触及监管红线，违规揽储有被罚先例。 尽管监管部门已明确禁止变相高息揽储的行为，但对于实物营销这一方式的合规性边界，仍存在诸多争议。比如Labubu这一类银行营销活动，表面上并未 直接突破利率的上限规定，但如果将所赠送的礼品价值进行折算后，与提高了存款利率无异。 记者算了笔账，若按照参加该活动的最低标准，存5万元、3个月的定期产品，1%的存款利率可让客户获得125 ...

在某股份行定存5万元即获赠LABUBU盲盒，此事连续多日刷屏。 在存款利率明显下行的大趋势下，价格敏感型储户资金向更高收益资管产品迁徙的现象，是业界可以预 见的。面对已经低至1.43%（一季度末）的净息差以及依旧严格的季末考核指标，不管是主动还是被 动，银行仍会有抢占更多市场份额和客户资源的考量。 因此，揽储手段不论是隐秘变相还是高调直白，或暂难彻底退出市场。这也带出了一个不可回避的深层 次问题——银行到底应该怎么管理负债端业务？ 据记者多方了解，上周长三角某地金融监管部门向辖区内的银行发出提示，不得短期冲量、无序揽储。 随后，该辖区银行自行梳理负债端业务，列出了相关禁止行为清单，包括如下事项：一是不得对未约定 期限的保证金存款、定期存款等提前支取（随存随取）部分靠档计息或仍按原定期期限计息，或对整存 整取定期存款提前付息；二是不得发行或销售"假结构性存款""伪结构性存款"来高息维护客户；三是不 得通过存款产品向关联方等进行利益输送；四是不得通过超客户实际融资需求发放贷款形成资金趴账、 办理无真实贸易背景的"低风险"业务、"循环质押"、以贷转存等操作虚增存贷款数据；五是不得将同业 存款计入一般性存款核算虚增存 ...