(File photo)

Although Alibaba Group saw its gross merchandize volume breaking last year's record within half a day after the 24-hour online shopping festival kicked off on Nov. 11, some banks are not willing to participate in this commercial war due to continuous decline of financial products' yield.

Alibaba initiated Single’s Day event in 2009 as a shopping festival on e-commerce platform. After six years’ development, this event has reached out to financial market in 2015.

However, Securities Daily observed that few financial products are on sale or pre sold in banks are marked with "11.11" or "exclusive".

Financial products from banks are rarely seen on financial channels of e-commerce platforms like Taobao and JD.com. Supervision departments have banned banks’ financial products on e-commerce platform because they violated relevant rules, according to a report by Securities Daily.

Industry insiders said that new regulations should be worked out for the sake of online financial products.

According to statistics released by Rong360.com, a financial service platform for small and micro businesses and individuals, circulation of financial products is 28 units fewer than last week. Average expected yield is 4.26 per cent, 0.11 percentage point lower than the previous period. General yield of financial products in October decreased to 4.36 per cent and that in November is expected to be below 4.2 per cent.

The news report said that small and medium sized urban commercial banks tend to promote exclusive products on Nov. 11. and those products are only sold in some areas.

This year, the People's Bank of China has kept cutting interest rate and the Chinese government is implementing a loose monetary policy, which led to declination of the yield of financial products.

The Single's Day event is not only for online shopping but also for Internet finance. The year of 2014 saw a peak in capital trading, and many platforms got prepared in October this year.