余额宝

阿里巴巴（Alibaba）拟推出港版余额宝。作为阿里巴巴旗下颇受欢迎的中国货币市场基金，余额宝的收益率要高于传统账户的人民币存款利率。

Alibaba is looking to start a Hong Kong version of its enormously popular Chinese money market fund , which pays higher rates on renminbi deposits than are available on conventional accounts .

新竞争始于2013年年中在线货币市场基金——余额宝的问世。

Competition began in mid-2013 with the launch of Yu'E Bao , an online money-market fund .

当银行间的同业拆借变得更容易、银行开始不愿支付较高利率时，余额宝的收益率肯定会下降。

Returns will fall when banks can borrow from each other more easily and they start to sniff at paying higher rates .

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。

Moreover , just like demand deposits at banks , users can withdraw their money from Yu ' E Bao whenever they want .

仅仅九个月，余额宝的资金量就已相当于中国74.2万亿元人民币存款的0.5%。

In just nine months , Alibaba 's Yu'E Bao has already attracted the equivalent of roughly 0.5 % of the country 's 74.2 trillion yuan worth of deposits .

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。

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 .

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。

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 .