Every time the bank market is moving, there are always people who come to ask the author. Why? Is this time payment or refund? Didn't you pay it yesterday? When are you paying? Is the tension paid this time? Paying fiscal deposits? Foreign exchange accounts? Isn't the IPO thaw today, why is it nervous? When is it? Why do some banks borrow it again? Borrowed again? How is the daily position set? Why do some banks accept pledged 2A debt and some only receive interest rate debt but some are unlimited? Why is the institution of loose motion in the moon and the New Year suddenly become serious and only accepts interest rate debt pledge? Or for the company, why can't I liquidate if I have no appointment with my money? . After reading this series, you all understand.
For bank liquidity management, many people (including teachers of non -bank institutions such as enterprises, individuals, and funds, brokerage companies) are full of curiosity. The operating principle is a fascinating field for them, a black box. For enterprises and individual customers, they do not understand why there are large amounts of money to be predicted in advance. The author also mentioned in the article about the money about money and no appointment. After answering a lot, I thought, why not write it out and share it with more everyone. If you can better and more understand the characteristics of banking institutions, you will have a more accurate judgment on the liquidity of the interbank market. Conversely, if you understand the errors and have blind spots, you can only passively accept the heavy changes in the market, which is very hard, and even affect investment decision -making and judgment. Once you master this secret, you can grasp some initiative in market changes.
The world industry, who has come to the inter -bank market, has been in the bank market for three years, and has been doing it at the counter for less than two years before. I still remember the hard work and the pressure in the confusion when entering the road. There is no targeted book, there is nowhere to establish a system of market views. So like everyone, they can only roll up little by little, trying to spell puzzles in tens of thousands of pieces. It is not only a partner of non -silver institutions. Many banking institutions are in the financial market self -employment, treasury, asset management (wealth management), custody, liquidation, branches, risk control, asset -liabilities (Ministry of Finance) , I may only see the fields of their functions, but for various reasons, it is difficult to peep the whole picture. And the author happens to have some contacts due to the characteristics of the organization and the reasons, and there are some contacts in each line. It is exactly the attribute of "curiosity" on the list of skills. I organize it into a relatively complete system, connect the fur into a broken sweater, and I will give you it for you today. Please don't dislike it. . Although the author is only sparse and has no skills, he also hopes to have a slight power to make the new traders who just enter the road have less confusion and more interest. What kind of qualities do traders need? The state described in the middle is cultivation, cultivation, morality, and literacy. I also hope that more experienced teachers will give more opinions, give me a lecture, and improve this series together to do a little thing for this market. At the same time, it also allows companies that are interested in bank liquidation to understand the bank's liquidation operation mechanism. If there is always someone to do it, then the stupid author come to attract the jade! (The author's thought is that I hope that this series can be done in the future. The first thing the new trader enters the office is to receive the office utensils. The second thing is to be called by the leader to the office and say: "You are familiar with the environment first, Then read Wang Chao's series of articles!) In how did I spend the day when I had a day in the interbank market participants? In a ridiculous language, I opened the work clip of the bank's bank's head and capital traders for everyone. In order to ensure the smooth text and the readers are happy, the positioning of this article lies in the application level, the entry reference level, and the subject is the inter -bank trader. Case. Try to be as simple as possible, you can understand it, you can understand it, anyway, no one will give you the exam. Please do not compare with the works of teachers in the field of professional analysis in terms of rigor and theoretical. A junior is not rigorous and immature, help me. Because I really have too many predecessors and talents than me, I am very admired and difficult to reach, so I am very embarrassed now. Due to the time relationship, the source of various posts will not be listed. In addition, bank liquidity management does not have absolute unification, and there are the same difference. The scale, bank positioning characteristics (policies, state -owned, shares, listing, city merchants, agricultural business), etc., will change from quantitative changes, but Wanfa is inseparable from its ancestors. The principle is the same. Finally, the author works in a Urban Commercial Bank of hundreds of millions of dollars. His post -inch administrator, doing capital transactions, and bond transactions. In the process of writing this series of articles, many friends from regulatory agencies, state -owned, shareholders, cities, and agricultural businessmen from regulatory agencies, state -owned, shares, cities, and agricultural businessmen are not named one by one. It is derived from institutional privacy and risk control. It will deliberately erase the characteristics of the institution, and add more consultations, adopt, and integrate into each institution to achieve neutrality, universality and reference. 1: The concept of the library and reserve The knows it, the prophet of it, we need to first use some basic concepts, through the professionalism, and then bring the professionalism after armed to reveal the calculations. The world puzzle! (Absolutely not my text that hangs your appetite ~) 1, what is bank bank? Itu, as the name suggests, is the man in the warehouse of the manager, and the bank's banks are the bank's vault (virtual) steward, responsible for the two ends of the operation, management, and balance of balance sheets. All capital inflows (deposits, interbank liabilities, positive repurchase, demolition, etc. of the interbank market), and all capital outflows (loans, interbank assets, inverse repurchase, demolition of interbank markets, etc.) In Ziku, it is impossible to correspond one by one, but eventually reach a balance. It is both the balance of quantity and the balance of pricing. Generally, the functions of the packets are placed in the Ministry of Finance or the Department of Assets and Liabilities, and some institutions are in the financial market department. The Treasure lets a bank know how much they have made, how much investment can be made, and what should be invested. In the end, the Treasure does not retain any income (in principle, but some institutions will be represented by the operating department to obtain the corresponding agency earnings), but it is necessary to retain a certain percentage of preparations on the basis of meeting the legal reserve for retaining the legal reserve. Gold to ensure the daily payment and liquidation needs of a banking institution. Price, management period mismatch, control interest rate risks, and reflection of business orientation through prices. For the customer manager, you have a deposit for Licha, you have to sell it to the banks. Then I will give you 4.0%a year to buy the deposit you pulled, so the customer manager turned to the customer that you deposited me 100 billion, and I gave you 3.5%of interest each year! As a result, the client manager (branch branch) made 0.5%in one year * 1 billion = 5 million yuan; at this time, the bank's self -operated trader runs, I want to buy debt! Zuku thought about it, ah, 100 billion? Then I will give you 4.3%to sell it to you for a year, so self -operated traders turn around and buy an AAA CP, 1 year, a return rate of 4.6%, so the self -operated trader (financial market department) will I earned 0.3%1 billion = 3 million yuan. Waiting for a while, isn't it said that the palace does not retain the income? How much does the 0.3%in the middle mean? That's because credit bonds are to occupy the risk assets in the bank, which will affect the capital adequacy ratio (the capital adequacy ratio is one of the important health indicators of the financial statement). Essence In fact, assets, liabilities, and prices are not one -to -one, and the treasury is responsible for considering various risks and quotas among complex assets and liabilities, thereby pricing and quantitative. To their respective money. It is the total money made by banks. Brothers, accounts for accounts, are targeted and convenient to manage. It, first talk about a concept. At the beginning of a bank, the bank's own money is only Equity, shareholders' money. Later, the bank started to pull the deposit. And all individuals, enterprises, institutions, and especially financial institutions cannot float in the sky. In fact, there are banks, unless you propose to put in the wardrobe in the form of banknotes. There is a bank, the ownership and the right to use are yours, but the bank also has the right to use. As long as you ensure that you want to use or take away, you can take it away. Then the bank issued debt again, the secondary debt, the second -level capital bond or something, and I did it, got a lot of money (although they all owed those who bought its debt). These money are calculated on the liabilities of the bank's balance sheet. Although they all owe others (including owed shareholders), they are included in the debt side, but banks have to use it! Can't pay interest in vain! So at the asset side, banks can be used to lend or allocate other assets with these arrears of money, which is also the basis of bank profitability. But further, banks' money is stored in the central bank. You can understand that the central bank is the bank of the banks, because in this way, the liquidation between banks can be liquidated through various liquidation packets flying around. For example, enterprise B and enterprise A exist in banks, enterprise B to enterprise A with a remittance of 1 billion, banks recorded small ledger records, bank B records: Enterprise B decreased by 1 billion; Bank A record: Enterprise A increased by 1 billion. And Enterprise B (account opening B) to enterprise A (account opening in bank A) remittance, that is, bank B remittance to bank A. Bank B remittance to bank A. The central bank is also recorded in the small ledger. Bank B decreased by 1 billion inch, and Bank A increased 1 billion inch. Layers of nested, the money of the enterprise is from the bank, and the bank's money is actually the central bank. The central bank is the largest, and everything is in control (the description may be tolerant). This is a bit similar to the bonds and the accounting of the bonds when the bond is traded. The is more and more approaching the original appearance! In other words, the bank owes a lot of debt, takes a bunch of money, and then configures loans, bonds, various liabilities to do asset allocation, but it also needs to be on the institutions and people where the money is saved here. Parents and clothing of bank practitioners) guarantee that your money is still your money. As long as you say it in advance, you want to use it at any time! So the parents of food and clothing are relieved, and it is enough to use money when I should use money! If you rest assured, you wo nāt be lifted away, so you should use it when you use it, and you usually save it. Therefore, in real life, a bank, such as 100 billion deposits, but a specific day, there are not so many people who really want to use money, maybe only 10 billion yuan, and other institutions and people deposit 5 billion in that day, or 15 billion, this is hard to say. That is, there is no need to leave so much money on the bank account, maybe only 10 billion yuan, as long as you ensure that the day of the account is enough to clear the account. For the money unit, bank money is always full! If the day is not enough (the payment), the bank will go to the bank market to borrow money. If there is more, the bank will go to the inter -bank market to pay (thanks to the convenient bank market)! How much does it borrow and what period? How much money and how many periods? What business varieties do you use? What assets are used for allocation? This is where Ziku is awesome! Either modeling, setting some parameters, a complex management and control calculation and position arrangement ... long and short, risk balance, reasonable structure, staggered, finally achieve a good user experience, so that users can make users want Use money when you use money! Only when you serve good customers and meet the needs of good customers to make money. This is the important responsibility of the treasury. It is reasonable to make reasonable arrangements and avoid interest rate risks ... It is not easy to be a family! In more detailed, give the most lively example. For example, there are 10 billion on the bank A's account. The company A (account opening A) remitted 1 billion. Ding Dong! At this time, the bank A had 1 billion yuan more, and then when the bookkeeper, the company A had 1 billion deposits, and the bank owed more than 1 billion in the company A. Anyway, the company A is not used today. So Bank A ran to the market to lend these 10 billion to other institutions for one day (overnight). The bank B lacked 1 billion, so he went to the market and borrowed these 100 billion back. So for friends in the inter -bank market, you must know the importance of bank treasury, because the funds are exactly what the treasury is sold to bank traders (or bought from the trader)! Some institutions are separated from independence, while others are put together, which will be said later.
Any money from the bank's entry and exit is the instructions passed by the treasury to the bank's capital traders: morning: borrow 100 billion overnight! 15 billion days! 5 billion 14 days! In afternoon: 2 billion days! 1 billion month!
Oh, banks in the banking market do transactions, pay, or borrow money, which are determined by the treasury! The loans of enterprises and liquidation of money are also authorized by the treasury! The company kept asking, and I performed a payment for my online banking. When can I get the account? Ask Libu! (Ziku: Parents of food and clothing, please do not be irritable. We will arrange and liquidate them properly!)
Summary of a sentence: The distribution of liabilities and assets (type, interest rate, term, risk, etc.) becomes more reasonable. This includes liabilities and assets in the interbank market (repurchase, bonds, etc.).
So the teenagers, do you want to know what the club did in the small black room? Mo don't turn off this article to read the cooler jokes or chat with the girl WeChat, continue to read it carefully!
2, what is legal reserve? The full name of the statutory reserve is the legal deposit reserve. It is a central bank's money in accordance with the law, according to the legal regulations, according to the law of the law, and according to a certain percentage. Among them, large financial institutions have paid more proportion, and small and medium -sized financial institutions have paid less. In the 14 -year release, some special institutions (cautious, supporting three farmers, and support for small and medium -sized enterprises) were allowed to pay less. In short, differentiated management, the ratio is determined according to regulatory needs. Of course, in principle, the same type of institution is the same. What is the role of legal reserve? At the beginning of the creation (country), the central bank was established. Because of the demand for liquidation and transaction, the central bank has printed a bunch of banknotes. These banknotes are called [basic currency], also known as currency base, strong currency, and initial currency. currency. As soon as you hear the name, you know that the money is particularly pure, very true, and valuable. And these "true ā currency" can be derived. How do you do it? Is give a simple example. Without the premise of paying legal (nor considering the limit of deposit ratio, loan quota, risk assets, etc.), for example, only one bank in China is called bank A, and only one company is called enterprise A. Enterprise A has 10 billion funds and stored in bank A. Then bank A has 10 billion deposits (liabilities). Because there is no need to pay the reserve, bank A can use all these 10 billion deposits as loans. For example, bank A has lended 10 billion yuan in loans, then the company's accounts have 20 billion funds, but these funds will not fly to the sky, in fact, bank A will be existed. So the loan entered the banking system into a derived deposit. The bank had 20 billion deposits, an increase of 10 billion. So Bank A continues to get the new 10 billion deposit, continue to lend to Enterprise A, and the company A has added 10 billion funds ... is a bit dizzy? Then let's talk about more details and add some interaction (forgive the author's sting, because since writing, I hope you fully understand that if you already understand, you can skip). If there are two banks in China, bank A and bank B, there are two companies, enterprises A (account opening in bank A) and enterprise B (account opening in bank B). Enterprise A is a shipping company. Enterprise B is a shipyard. The two companies have 1 billion deposits, which are stored in Bank A and Bank B. Marine Company A entrusted the shipyard B to help himself build a ship, cost 1 billion. However, Marine Company A does not want to pay the boat fee with its own money, because it also costs money from other places it operates, so it chooses to loan from bank A. Because bank A had 1 billion deposits (which existed it where it existed), all of them were used to issue 1 billion deposits to Shipping Corporation A and paid to the shipyard B. Shipyard B got the silver of 1 billion white flowers. 100 million funds. So it turned to say to bank B, now, save it to you. Bank B will not care about whether this is obtained by the shipyard selling a boat or selling socks, let alone who pays the shipyard B, let alone whether the source of funds of the payer is a loan. From the perspective of bank B, it only received a new 100 billion yuan. So Bank B owned a total of 2 billion deposits (all deposited by the shipyard B), so the bank B loan issued 2 billion loans to the shipyard B, and the shipyard B paid to the shipping company A 2 billion yuan, for it for it for it for it for a shipping company. Paying the shipping cost of iron ore from the distant continent in the next 10 years, so the shipping company A has increased 2 billion funds, existing bank A, bank A newly added 2 billion deposits, and new loans can be issued ... This is this is this is the one ... This is what is ... This is this is this. The process of lending derives the deposit. The derivative, endless! There are countless money in the market, and the central bank can't control it at all, that's it! It's too insecure ... So from this perspective, a legal reserve is required. and the total basic currency amount = cash deposit reserve If the statutory reserve ratio is 18%and the excess reserve rate is 2%(for daily payment), the bank really retains daily reserves daily The reserve ratio is 20%(the legal reserve ratio excess reserves), so the maximum amount of currency derived derived in extreme circumstances is: the basic currency volume / 20%= basic currency amount*5, 5, 5, 5, 5, 5, 5, 5, 5, 5, 5, 5, 5, 5, 5, 5, 5, 5, 5, 5, 5, 5, 5, 5, 5, 5. Please derive yourself by yourself. The deposit reserve is the total currency*deposit reserve rate = basic currency amount*5*20%= basic currency volume. After adding the cash part, we understand the meaning of the general currency formula above. So everyone knows why the reduction is so powerful! Because every 1%legal reserve rate, the release of the position is not the basic currency amount*1%, but minus 1%on the denominator! For example, the amount of basic currency is 1 million, the statutory reserve ratio was 20%, and now it is 19%. The change value of the maximum derivative currency is: 1 million / 19%-100 billion / 20%=52.63 million 100 billion to 5 million = 26.3 trillion, the maximum number of release is 26.3 % of the basic currency volume! If you say that if you have settled, should you start 40bp in 10 years? Should it be skyrocketed? (The more the bond interest rate goes down, the higher the price of the bond) It we describe the legal reserve in popular language. If imagine the legal reserve account as a large and thick test tube, and the capital position is water. Close, the pedestrian will instantly reduce the part of the red line to an absolute 0 degrees, freeze into ice, and the part of the red line is still water. We call it an excess reserve. By 9:00 in the morning, the large payment system is turned on, and the recovery temperature below the red line has become water. This is why many institutions are willing to pay for direct linked institutions in the fund market. Only institutions with legal reserve accounts can be called a direct linked institution (the reserve account is directly connected to China debt and Shangqing funds account, here Note! Not all banks are directly linked institutions. There are some small agricultural commercial banks and small associations. At 9:00 in the morning, the "pop" below the red line of the direct institution was melted into water again. There were a lot of money and a lot of money. You can repay the money at the first time, and never delay the money. The reserve account can be lower than the red scale line (legal preparation cord) during the day, but it cannot be lower than 0. At the end of the day, it must be higher than the red line. In case of 5 pm, when the central bank snapped the red line and frozen, found that the water was not enough, you would die. How serious is it? The central bank will punish you severely, ask you to make rectification, stop your loan, stop your various business qualifications, in short, it is terrible. Relevant leaders and traders will also get out of class. It is not too much for the bank's operation and personal promotional future to call the life and death line! Summary of a sentence: The legal reserve is the capital that the central bank requires the bank to reserve on the legal reserve account daily. The significance of the presence of the legal reserve is to control the investment intention of the deposit institution. 3, what is excess reserve? What is reserve? The extra reserve, as the name suggests, is the money that exceeds the legal reserve part. The role of this part of the money is what we mentioned before. When the customer needs to use the money Parents of clothing and clothing make an appointment, this hand -lifting labor will greatly help bank liquidity management!) A bank's deposit is less than 100 billion yuan, as many as one trillion yuan. This is money. How much will there be money back and forth in the sky in China every day! (The picture is too beautiful, I dare not think) Even if the large -scale payment system is closed at the end of the day, there will still be a lot of young teenagers who have the same high -tech and love new life like the author to buy socks at home at home (although a large amount of payment The system is closed, but there are other systems we talk late). So leave money on the account! The statutory reserve is that you must have it. You will be frozen, not for you to pay Alipay to buy socks for customers! This part of the money is very particular about: less stay, not enough to meet the needs of customer liquidity, no; stay too much, the cost of redundant funds will cause you to lose tens of millions or even hundreds of millions, billions of levels of profits Essence Before, we knew that the central bank was the bank of the bank. In fact, a bank had a lot of accounts at the central bank (one will be introduced one by one later). The most important and important one is the legal reserve account. In the life and death line, the pedestrian only evaluates the money on this account. A bank has only one statutory reserve account (the head office is opened at the head of the head office). For example, a legal reserve of a bank is 10 billion, so if it has 11 billion at night, so the excess reserve is 1 billion? wrong! please watch the following part. The storytelling the statutory reserve account just now. After the large test tube, the red line is frozen into a popsicle, the water on the popsicle is called an excess reserve (part of the). I also said just now that it is wrong to say that this part is excess reserve. Why? Because around this big thick test tube, there are many relatively thin test tubes around! It is actually to meet the diversity of liquidation needs of financial institutions. During the layout, the central bank has gradually established some liquidation systems outside the main channel, so that our lives are better (no longer afraid of midnight no night night Put the order at 12 o'clock to buy socks!). These include (but not limited to) the same city system, provincial gold system, etc. The main statutory reserve account is the account of the head office on the local bank. But the branch level is needed to use these other systems. Recently, everyone should have heard of the upgrade of the second -generation system. These systems have their own characteristics and will be introduced later. This accounts are the accounts opened by branches in the branch of the branch of the branch, and they are also the reserve account, but the bank will not evaluate its balance. It is a preparation of deposit accounts. So we now have a complete and clear concept: a bank (at least a bank with a branch), the account opened at the pedestrian is like the famous Long March 3 bundled rocket in my country, a big There are many small fine test tubes around the rough test tubes. There are all water (money, position), in which the main test tube is the legal reserve account, and the small test tube is the branch's reserve account. The daily water volume of the main test tube is the only content of the central bank's assessment of the bank. It will be closed at 17:00 under the normal situation of the large payment system. At that time Frozen into ice cubes (legal reserve); there is no frozen part above the ice cubes, which is part of the excess reserve. Thaw at 9:00 in the morning, and the T 1 liquidation transaction or the expired transactions made the day before will be automatically liquidated, because you have a whole test tube money to use. It doesn't matter if the day is lower than the red line, until 17:00. During the freezing period, there is no conventional way to remedy in theory ... It other test tubes (the reserve accounts of each branch) are connected to other various payment systems such as urban systems and the unique provincial gold (EFT) unique to Guangdong (EFT) Systems and other special financial systems (the payment system will be explained in the next chapter). The small test tube is very clean, without the red line, and it will not be frozen after 17:00 in the evening. As long as you have a little water, don't dry up. Summary of a sentence: Excess reserve is the water in the water above the red line of the main test tube. The reserve money is to prepare money for liquidation and payment! (Although this is so metaphorical, it seems unprofessional, but I think you understand it, right!) The place where there is a Tricky place, that is, the central bank only considers whether there is enough water freezing below the main tube red line. No other test tube. There may be a situation that it needs to freeze 100ml of water. The main test tube is only 90ml of water, but the other 10 small test tubes, each with 10ml of water, isn't it 190ml? I'm sorry, it's useless, the main test tube will still be exploded, Game Over ~ Okay, I must be tired when I see the official here. We see you next time! It will talk about the liquidation characteristics, liquidation principles of each system, and the historical relationship with China Debt and Shangqing Institute. Do not underestimate, these liquidation characteristics will affect the bank's position and transaction behavior, and it will also affect the fund and securities firms ... All non -silver institutions' transactions, because the funds of non -silver institutions need to be custody in the bank. Keywords: Payment system characteristics, packets, DVP and non -DVP stories, night liquidation and emergency business.
Every time the bank market is moving, there are always people who come to ask the author. Why? Is this time payment or refund? Didn't you pay it yesterday? When are you paying? Is the tension paid this time? Paying fiscal deposits? Foreign exchange accounts? Isn't the IPO thaw today, why is it nervous? When is it? Why do some banks borrow it again? Borrowed again? How is the daily position set? Why do some banks accept pledged 2A debt and some only receive interest rate debt but some are unlimited? Why is the institution of loose motion in the moon and the New Year suddenly become serious and only accepts interest rate debt pledge? Or for the company, why can't I liquidate if I have no appointment with my money?
. After reading this series, you all understand.
For bank liquidity management, many people (including teachers of non -bank institutions such as enterprises, individuals, and funds, brokerage companies) are full of curiosity. The operating principle is a fascinating field for them, a black box. For enterprises and individual customers, they do not understand why there are large amounts of money to be predicted in advance. The author also mentioned in the article about the money about money and no appointment. After answering a lot, I thought, why not write it out and share it with more everyone. If you can better and more understand the characteristics of banking institutions, you will have a more accurate judgment on the liquidity of the interbank market. Conversely, if you understand the errors and have blind spots, you can only passively accept the heavy changes in the market, which is very hard, and even affect investment decision -making and judgment. Once you master this secret, you can grasp some initiative in market changes.
The world industry, who has come to the inter -bank market, has been in the bank market for three years, and has been doing it at the counter for less than two years before. I still remember the hard work and the pressure in the confusion when entering the road. There is no targeted book, there is nowhere to establish a system of market views. So like everyone, they can only roll up little by little, trying to spell puzzles in tens of thousands of pieces.
It is not only a partner of non -silver institutions. Many banking institutions are in the financial market self -employment, treasury, asset management (wealth management), custody, liquidation, branches, risk control, asset -liabilities (Ministry of Finance) , I may only see the fields of their functions, but for various reasons, it is difficult to peep the whole picture. And the author happens to have some contacts due to the characteristics of the organization and the reasons, and there are some contacts in each line. It is exactly the attribute of "curiosity" on the list of skills. I organize it into a relatively complete system, connect the fur into a broken sweater, and I will give you it for you today. Please don't dislike it.
. Although the author is only sparse and has no skills, he also hopes to have a slight power to make the new traders who just enter the road have less confusion and more interest. What kind of qualities do traders need? The state described in the middle is cultivation, cultivation, morality, and literacy. I also hope that more experienced teachers will give more opinions, give me a lecture, and improve this series together to do a little thing for this market. At the same time, it also allows companies that are interested in bank liquidation to understand the bank's liquidation operation mechanism. If there is always someone to do it, then the stupid author come to attract the jade! (The author's thought is that I hope that this series can be done in the future. The first thing the new trader enters the office is to receive the office utensils. The second thing is to be called by the leader to the office and say: "You are familiar with the environment first, Then read Wang Chao's series of articles!)
In how did I spend the day when I had a day in the interbank market participants? In a ridiculous language, I opened the work clip of the bank's bank's head and capital traders for everyone.
In order to ensure the smooth text and the readers are happy, the positioning of this article lies in the application level, the entry reference level, and the subject is the inter -bank trader. Case. Try to be as simple as possible, you can understand it, you can understand it, anyway, no one will give you the exam. Please do not compare with the works of teachers in the field of professional analysis in terms of rigor and theoretical. A junior is not rigorous and immature, help me. Because I really have too many predecessors and talents than me, I am very admired and difficult to reach, so I am very embarrassed now. Due to the time relationship, the source of various posts will not be listed. In addition, bank liquidity management does not have absolute unification, and there are the same difference. The scale, bank positioning characteristics (policies, state -owned, shares, listing, city merchants, agricultural business), etc., will change from quantitative changes, but Wanfa is inseparable from its ancestors. The principle is the same.
Finally, the author works in a Urban Commercial Bank of hundreds of millions of dollars. His post -inch administrator, doing capital transactions, and bond transactions. In the process of writing this series of articles, many friends from regulatory agencies, state -owned, shareholders, cities, and agricultural businessmen from regulatory agencies, state -owned, shares, cities, and agricultural businessmen are not named one by one. It is derived from institutional privacy and risk control. It will deliberately erase the characteristics of the institution, and add more consultations, adopt, and integrate into each institution to achieve neutrality, universality and reference.
1: The concept of the library and reserve
The knows it, the prophet of it, we need to first use some basic concepts, through the professionalism, and then bring the professionalism after armed to reveal the calculations. The world puzzle! (Absolutely not my text that hangs your appetite ~)
1, what is bank bank?
Itu, as the name suggests, is the man in the warehouse of the manager, and the bank's banks are the bank's vault (virtual) steward, responsible for the two ends of the operation, management, and balance of balance sheets. All capital inflows (deposits, interbank liabilities, positive repurchase, demolition, etc. of the interbank market), and all capital outflows (loans, interbank assets, inverse repurchase, demolition of interbank markets, etc.) In Ziku, it is impossible to correspond one by one, but eventually reach a balance. It is both the balance of quantity and the balance of pricing. Generally, the functions of the packets are placed in the Ministry of Finance or the Department of Assets and Liabilities, and some institutions are in the financial market department. The Treasure lets a bank know how much they have made, how much investment can be made, and what should be invested. In the end, the Treasure does not retain any income (in principle, but some institutions will be represented by the operating department to obtain the corresponding agency earnings), but it is necessary to retain a certain percentage of preparations on the basis of meeting the legal reserve for retaining the legal reserve. Gold to ensure the daily payment and liquidation needs of a banking institution. Price, management period mismatch, control interest rate risks, and reflection of business orientation through prices.
For the customer manager, you have a deposit for Licha, you have to sell it to the banks. Then I will give you 4.0%a year to buy the deposit you pulled, so the customer manager turned to the customer that you deposited me 100 billion, and I gave you 3.5%of interest each year! As a result, the client manager (branch branch) made 0.5%in one year * 1 billion = 5 million yuan; at this time, the bank's self -operated trader runs, I want to buy debt! Zuku thought about it, ah, 100 billion? Then I will give you 4.3%to sell it to you for a year, so self -operated traders turn around and buy an AAA CP, 1 year, a return rate of 4.6%, so the self -operated trader (financial market department) will I earned 0.3%1 billion = 3 million yuan. Waiting for a while, isn't it said that the palace does not retain the income? How much does the 0.3%in the middle mean? That's because credit bonds are to occupy the risk assets in the bank, which will affect the capital adequacy ratio (the capital adequacy ratio is one of the important health indicators of the financial statement). Essence In fact, assets, liabilities, and prices are not one -to -one, and the treasury is responsible for considering various risks and quotas among complex assets and liabilities, thereby pricing and quantitative. To their respective money. It is the total money made by banks. Brothers, accounts for accounts, are targeted and convenient to manage.
It, first talk about a concept. At the beginning of a bank, the bank's own money is only Equity, shareholders' money. Later, the bank started to pull the deposit. And all individuals, enterprises, institutions, and especially financial institutions cannot float in the sky. In fact, there are banks, unless you propose to put in the wardrobe in the form of banknotes. There is a bank, the ownership and the right to use are yours, but the bank also has the right to use. As long as you ensure that you want to use or take away, you can take it away. Then the bank issued debt again, the secondary debt, the second -level capital bond or something, and I did it, got a lot of money (although they all owed those who bought its debt). These money are calculated on the liabilities of the bank's balance sheet. Although they all owe others (including owed shareholders), they are included in the debt side, but banks have to use it! Can't pay interest in vain! So at the asset side, banks can be used to lend or allocate other assets with these arrears of money, which is also the basis of bank profitability. But further, banks' money is stored in the central bank. You can understand that the central bank is the bank of the banks, because in this way, the liquidation between banks can be liquidated through various liquidation packets flying around. For example, enterprise B and enterprise A exist in banks, enterprise B to enterprise A with a remittance of 1 billion, banks recorded small ledger records, bank B records: Enterprise B decreased by 1 billion; Bank A record: Enterprise A increased by 1 billion. And Enterprise B (account opening B) to enterprise A (account opening in bank A) remittance, that is, bank B remittance to bank A. Bank B remittance to bank A. The central bank is also recorded in the small ledger. Bank B decreased by 1 billion inch, and Bank A increased 1 billion inch. Layers of nested, the money of the enterprise is from the bank, and the bank's money is actually the central bank. The central bank is the largest, and everything is in control (the description may be tolerant). This is a bit similar to the bonds and the accounting of the bonds when the bond is traded.
The is more and more approaching the original appearance! In other words, the bank owes a lot of debt, takes a bunch of money, and then configures loans, bonds, various liabilities to do asset allocation, but it also needs to be on the institutions and people where the money is saved here. Parents and clothing of bank practitioners) guarantee that your money is still your money. As long as you say it in advance, you want to use it at any time! So the parents of food and clothing are relieved, and it is enough to use money when I should use money! If you rest assured, you wo nāt be lifted away, so you should use it when you use it, and you usually save it. Therefore, in real life, a bank, such as 100 billion deposits, but a specific day, there are not so many people who really want to use money, maybe only 10 billion yuan, and other institutions and people deposit 5 billion in that day, or 15 billion, this is hard to say. That is, there is no need to leave so much money on the bank account, maybe only 10 billion yuan, as long as you ensure that the day of the account is enough to clear the account. For the money unit, bank money is always full! If the day is not enough (the payment), the bank will go to the bank market to borrow money. If there is more, the bank will go to the inter -bank market to pay (thanks to the convenient bank market)! How much does it borrow and what period? How much money and how many periods? What business varieties do you use? What assets are used for allocation? This is where Ziku is awesome! Either modeling, setting some parameters, a complex management and control calculation and position arrangement ... long and short, risk balance, reasonable structure, staggered, finally achieve a good user experience, so that users can make users want Use money when you use money! Only when you serve good customers and meet the needs of good customers to make money. This is the important responsibility of the treasury. It is reasonable to make reasonable arrangements and avoid interest rate risks ... It is not easy to be a family!
In more detailed, give the most lively example. For example, there are 10 billion on the bank A's account. The company A (account opening A) remitted 1 billion. Ding Dong! At this time, the bank A had 1 billion yuan more, and then when the bookkeeper, the company A had 1 billion deposits, and the bank owed more than 1 billion in the company A. Anyway, the company A is not used today. So Bank A ran to the market to lend these 10 billion to other institutions for one day (overnight). The bank B lacked 1 billion, so he went to the market and borrowed these 100 billion back.
So for friends in the inter -bank market, you must know the importance of bank treasury, because the funds are exactly what the treasury is sold to bank traders (or bought from the trader)! Some institutions are separated from independence, while others are put together, which will be said later.
Any money from the bank's entry and exit is the instructions passed by the treasury to the bank's capital traders:
morning: borrow 100 billion overnight! 15 billion days! 5 billion 14 days!
In afternoon: 2 billion days! 1 billion month!
Oh, banks in the banking market do transactions, pay, or borrow money, which are determined by the treasury!
The loans of enterprises and liquidation of money are also authorized by the treasury! The company kept asking, and I performed a payment for my online banking. When can I get the account? Ask Libu! (Ziku: Parents of food and clothing, please do not be irritable. We will arrange and liquidate them properly!)
Summary of a sentence: The distribution of liabilities and assets (type, interest rate, term, risk, etc.) becomes more reasonable. This includes liabilities and assets in the interbank market (repurchase, bonds, etc.).
So the teenagers, do you want to know what the club did in the small black room?
Mo don't turn off this article to read the cooler jokes or chat with the girl WeChat, continue to read it carefully!
2, what is legal reserve?
The full name of the statutory reserve is the legal deposit reserve. It is a central bank's money in accordance with the law, according to the legal regulations, according to the law of the law, and according to a certain percentage. Among them, large financial institutions have paid more proportion, and small and medium -sized financial institutions have paid less. In the 14 -year release, some special institutions (cautious, supporting three farmers, and support for small and medium -sized enterprises) were allowed to pay less. In short, differentiated management, the ratio is determined according to regulatory needs. Of course, in principle, the same type of institution is the same.
What is the role of legal reserve? At the beginning of the creation (country), the central bank was established. Because of the demand for liquidation and transaction, the central bank has printed a bunch of banknotes. These banknotes are called [basic currency], also known as currency base, strong currency, and initial currency. currency. As soon as you hear the name, you know that the money is particularly pure, very true, and valuable. And these "true ā currency" can be derived. How do you do it?
Is give a simple example. Without the premise of paying legal (nor considering the limit of deposit ratio, loan quota, risk assets, etc.), for example, only one bank in China is called bank A, and only one company is called enterprise A. Enterprise A has 10 billion funds and stored in bank A. Then bank A has 10 billion deposits (liabilities). Because there is no need to pay the reserve, bank A can use all these 10 billion deposits as loans. For example, bank A has lended 10 billion yuan in loans, then the company's accounts have 20 billion funds, but these funds will not fly to the sky, in fact, bank A will be existed. So the loan entered the banking system into a derived deposit. The bank had 20 billion deposits, an increase of 10 billion. So Bank A continues to get the new 10 billion deposit, continue to lend to Enterprise A, and the company A has added 10 billion funds ...
is a bit dizzy? Then let's talk about more details and add some interaction (forgive the author's sting, because since writing, I hope you fully understand that if you already understand, you can skip). If there are two banks in China, bank A and bank B, there are two companies, enterprises A (account opening in bank A) and enterprise B (account opening in bank B). Enterprise A is a shipping company. Enterprise B is a shipyard. The two companies have 1 billion deposits, which are stored in Bank A and Bank B. Marine Company A entrusted the shipyard B to help himself build a ship, cost 1 billion. However, Marine Company A does not want to pay the boat fee with its own money, because it also costs money from other places it operates, so it chooses to loan from bank A. Because bank A had 1 billion deposits (which existed it where it existed), all of them were used to issue 1 billion deposits to Shipping Corporation A and paid to the shipyard B. Shipyard B got the silver of 1 billion white flowers. 100 million funds. So it turned to say to bank B, now, save it to you. Bank B will not care about whether this is obtained by the shipyard selling a boat or selling socks, let alone who pays the shipyard B, let alone whether the source of funds of the payer is a loan. From the perspective of bank B, it only received a new 100 billion yuan. So Bank B owned a total of 2 billion deposits (all deposited by the shipyard B), so the bank B loan issued 2 billion loans to the shipyard B, and the shipyard B paid to the shipping company A 2 billion yuan, for it for it for it for it for a shipping company. Paying the shipping cost of iron ore from the distant continent in the next 10 years, so the shipping company A has increased 2 billion funds, existing bank A, bank A newly added 2 billion deposits, and new loans can be issued ... This is this is this is the one ... This is what is ... This is this is this. The process of lending derives the deposit.
The derivative, endless! There are countless money in the market, and the central bank can't control it at all, that's it! It's too insecure ...
So from this perspective, a legal reserve is required.
and the total basic currency amount = cash deposit reserve
If the statutory reserve ratio is 18%and the excess reserve rate is 2%(for daily payment), the bank really retains daily reserves daily The reserve ratio is 20%(the legal reserve ratio excess reserves), so the maximum amount of currency derived derived in extreme circumstances is: the basic currency volume / 20%= basic currency amount*5, 5, 5, 5, 5, 5, 5, 5, 5, 5, 5, 5, 5, 5, 5, 5, 5, 5, 5, 5, 5, 5, 5, 5, 5, 5. Please derive yourself by yourself. The deposit reserve is the total currency*deposit reserve rate = basic currency amount*5*20%= basic currency volume. After adding the cash part, we understand the meaning of the general currency formula above.
So everyone knows why the reduction is so powerful! Because every 1%legal reserve rate, the release of the position is not the basic currency amount*1%, but minus 1%on the denominator! For example, the amount of basic currency is 1 million, the statutory reserve ratio was 20%, and now it is 19%. The change value of the maximum derivative currency is: 1 million / 19%-100 billion / 20%=52.63 million 100 billion to 5 million = 26.3 trillion, the maximum number of release is 26.3 % of the basic currency volume! If you say that if you have settled, should you start 40bp in 10 years? Should it be skyrocketed? (The more the bond interest rate goes down, the higher the price of the bond)
It we describe the legal reserve in popular language.
If imagine the legal reserve account as a large and thick test tube, and the capital position is water. Close, the pedestrian will instantly reduce the part of the red line to an absolute 0 degrees, freeze into ice, and the part of the red line is still water. We call it an excess reserve. By 9:00 in the morning, the large payment system is turned on, and the recovery temperature below the red line has become water. This is why many institutions are willing to pay for direct linked institutions in the fund market. Only institutions with legal reserve accounts can be called a direct linked institution (the reserve account is directly connected to China debt and Shangqing funds account, here Note! Not all banks are directly linked institutions. There are some small agricultural commercial banks and small associations. At 9:00 in the morning, the "pop" below the red line of the direct institution was melted into water again. There were a lot of money and a lot of money. You can repay the money at the first time, and never delay the money.
The reserve account can be lower than the red scale line (legal preparation cord) during the day, but it cannot be lower than 0. At the end of the day, it must be higher than the red line. In case of 5 pm, when the central bank snapped the red line and frozen, found that the water was not enough, you would die. How serious is it? The central bank will punish you severely, ask you to make rectification, stop your loan, stop your various business qualifications, in short, it is terrible. Relevant leaders and traders will also get out of class. It is not too much for the bank's operation and personal promotional future to call the life and death line!
Summary of a sentence: The legal reserve is the capital that the central bank requires the bank to reserve on the legal reserve account daily. The significance of the presence of the legal reserve is to control the investment intention of the deposit institution.
3, what is excess reserve? What is reserve?
The extra reserve, as the name suggests, is the money that exceeds the legal reserve part. The role of this part of the money is what we mentioned before. When the customer needs to use the money Parents of clothing and clothing make an appointment, this hand -lifting labor will greatly help bank liquidity management!) A bank's deposit is less than 100 billion yuan, as many as one trillion yuan. This is money. How much will there be money back and forth in the sky in China every day! (The picture is too beautiful, I dare not think) Even if the large -scale payment system is closed at the end of the day, there will still be a lot of young teenagers who have the same high -tech and love new life like the author to buy socks at home at home (although a large amount of payment The system is closed, but there are other systems we talk late). So leave money on the account! The statutory reserve is that you must have it. You will be frozen, not for you to pay Alipay to buy socks for customers! This part of the money is very particular about: less stay, not enough to meet the needs of customer liquidity, no; stay too much, the cost of redundant funds will cause you to lose tens of millions or even hundreds of millions, billions of levels of profits Essence Before, we knew that the central bank was the bank of the bank. In fact, a bank had a lot of accounts at the central bank (one will be introduced one by one later). The most important and important one is the legal reserve account. In the life and death line, the pedestrian only evaluates the money on this account. A bank has only one statutory reserve account (the head office is opened at the head of the head office).
For example, a legal reserve of a bank is 10 billion, so if it has 11 billion at night, so the excess reserve is 1 billion? wrong! please watch the following part.
The storytelling the statutory reserve account just now. After the large test tube, the red line is frozen into a popsicle, the water on the popsicle is called an excess reserve (part of the). I also said just now that it is wrong to say that this part is excess reserve. Why? Because around this big thick test tube, there are many relatively thin test tubes around!
It is actually to meet the diversity of liquidation needs of financial institutions. During the layout, the central bank has gradually established some liquidation systems outside the main channel, so that our lives are better (no longer afraid of midnight no night night Put the order at 12 o'clock to buy socks!). These include (but not limited to) the same city system, provincial gold system, etc.
The main statutory reserve account is the account of the head office on the local bank. But the branch level is needed to use these other systems. Recently, everyone should have heard of the upgrade of the second -generation system. These systems have their own characteristics and will be introduced later.
This accounts are the accounts opened by branches in the branch of the branch of the branch, and they are also the reserve account, but the bank will not evaluate its balance. It is a preparation of deposit accounts.
So we now have a complete and clear concept: a bank (at least a bank with a branch), the account opened at the pedestrian is like the famous Long March 3 bundled rocket in my country, a big There are many small fine test tubes around the rough test tubes. There are all water (money, position), in which the main test tube is the legal reserve account, and the small test tube is the branch's reserve account.
The daily water volume of the main test tube is the only content of the central bank's assessment of the bank. It will be closed at 17:00 under the normal situation of the large payment system. At that time Frozen into ice cubes (legal reserve); there is no frozen part above the ice cubes, which is part of the excess reserve. Thaw at 9:00 in the morning, and the T 1 liquidation transaction or the expired transactions made the day before will be automatically liquidated, because you have a whole test tube money to use. It doesn't matter if the day is lower than the red line, until 17:00. During the freezing period, there is no conventional way to remedy in theory ...
It other test tubes (the reserve accounts of each branch) are connected to other various payment systems such as urban systems and the unique provincial gold (EFT) unique to Guangdong (EFT) Systems and other special financial systems (the payment system will be explained in the next chapter). The small test tube is very clean, without the red line, and it will not be frozen after 17:00 in the evening. As long as you have a little water, don't dry up.
Summary of a sentence: Excess reserve is the water in the water above the red line of the main test tube. The reserve money is to prepare money for liquidation and payment!
(Although this is so metaphorical, it seems unprofessional, but I think you understand it, right!)
The place where there is a Tricky place, that is, the central bank only considers whether there is enough water freezing below the main tube red line. No other test tube. There may be a situation that it needs to freeze 100ml of water. The main test tube is only 90ml of water, but the other 10 small test tubes, each with 10ml of water, isn't it 190ml? I'm sorry, it's useless, the main test tube will still be exploded, Game Over ~
Okay, I must be tired when I see the official here. We see you next time!
It will talk about the liquidation characteristics, liquidation principles of each system, and the historical relationship with China Debt and Shangqing Institute. Do not underestimate, these liquidation characteristics will affect the bank's position and transaction behavior, and it will also affect the fund and securities firms ... All non -silver institutions' transactions, because the funds of non -silver institutions need to be custody in the bank. Keywords: Payment system characteristics, packets, DVP and non -DVP stories, night liquidation and emergency business.