Case VII: ICBC in the Digital Times

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Wu [2].

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Yu [3].

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“People’s Bank of China Re-launch an Attack at the Internet Finance and the Dividend of Monetary Fund Ends”, Beijing News, March 25, 2014, http://​www.​nbd.​com.​cn/​articles/​2014-03-25/​820059.​html.

“The internet Finance May Usher the ‘First Regulatory Year’”, China Economic Herald, January 23, 2014, http://​www.​ceh.​com.​cn/​cjpd/​2014/​01/​308527_​2.​shtml.

PB is a unit of data storage capacity, which is equal to 2⁵⁰ bytes or about 1000 TB in numerical value. TB is a unit of storage capacity in computer, and it is equal to 2⁴⁰ or nearly 1 trillion bytes. Raymond Kurzweil, futurist, extends the PB’s definition: the human being’s functional memory capacity is estimated to be 1.25 TB, which means that 800 human being’s memories is only equal to 1 PB.

ICBC e-payment was a payment in the PC terminal or mobile terminal to be promoted to satisfy the customer’s small amount payment demand.

Forward foreign exchange refers to the forward exchange contract signed with customers, in which the foreign exchange currency, amount, exchange rate and term are agreed in the future settlement of exchange and sale of exchange. When foreign exchange earnings occur at maturity, in accordance with the agreed currency, amount, exchange rate in the forward foreign exchange contract, the settlement of exchange or the sale of exchange is carried out. As a emerging financial instrument, the forward foreign exchange business offers functions of risk aversion and fixed exchange rate. Through this business, customers can realize their aims of risk aversion and hedges against inflation in the business activities involving the foreign exchange investment, financing, international settlement and others, etc.

Currency swap means generally that the forward currency is purchased when its spot currency is sold, namely, currency A is sold at sight and currency B is purchased. Meanwhile currency B is sold and currency A is purchased. Currency swap is an effective means to fix the exchange rate risk and debt cost.