随着2012年中国人民银行连续两次下调存款准备金率，两次下调了存贷款基准利率，并且使用了双向浮动、不对称两种调整机制，说明利率市场化已经开始走出实质性的一步。随着利率市场化的逐步推进，这将严重挑战银行过于依赖存贷利差的传统盈利模式。商业银行必须发展其他的业务，来调整自己的商业模式。根据国外商业银行的经验，发展中间业务无疑是一个非常好的选择。近年来，现金管理业务在国内已经到了深入发展阶段，各家银行纷纷升级自己的现金管理品牌，竞争已经到达了白热化阶段。2011年以来，国家出台了一系列的措施来推动中小企业金融，让现金管理的市场扩张到了这片蓝海。那么招商银行在现金管理业务上应该采取什么样的竞争战略才能够保持领先地位？本文就是基于这个出发点，首先介绍了研究背景、内容以及研究意义，之后对竞争战略的基本理论做了文献综述，选择了本文所要应用的理论分析工具。在此基础上从外部环境和内部环境两方面，运用PEST、五力模型、资源因素等方法分析得出招商银行所处环境的优劣势，进而用矩阵确定应该采用何种竞争战略，并根据未来趋势给出竞争战略实施的建议。通过本文的分析可以明确招商银行在现金管理业务上的发展方向，针对不同方案的比较，最终选择差异化的竞争策略作为确保战略目标实现的策略，并根据长期发展提出用户一体化战略的设想。以招商银行为例来分析现金管理业务的市场竞争战略有一定的代表性，对其他的股份制银行现金管理业务竞争战略的制定有一定的借鉴意义。

In 2012, People’s Bank of China reduced the ratio of deposits, the basic interest rates on deposits and loan twice, while using a two-way floating and asymmetry mechanism. We can conclude from this regulation that the interest rates liberalization have been on the way. It is a big challenge for traditional profit model of Bank. Cash Management Business is a very suitable middle business for Commercial Bank to adjust their profit model. In recent years, the competition of cash management business among the Commercial Banks is more and more fierce. Our government raised a series of regulation in order to support the finance of SME. What competition strategy should CMB use to keep the leading position？This paper’s aim is to solve this question. In this article, it introduced the research background, content and the significance, and then described the related theories. This paper used several models to analysis the outside environment and inside environment of the CMB to find the cash management business’s competition strategy. In the end, it also gave some suggestions for the strategy We can conclude that the CMB should use the differentiation strategy to develop its cash management business. In the long run, it also can use the User integration strategy to deepen the differentiation. It also can give the reference for other’s bank to formulate the competition strategy.