Structural deposit scale fell to a new low this year

According to data released by the People's Bank of China, as of the end of June 2022, the balanced deposit balance of RMB in Chinese large banks was 1.91 trillion yuan, and the previous value was 2.07 trillion yuan; the balanced deposit balance of Chinese -funded small and medium -sized banks was 3.65 trillion yuan The previous value was 3.77 trillion yuan. The scale of RMB structural deposits in June fell to the lowest level since 2022.

Note: Large -scale Chinese banks refer to banks with a total foreign currency assets of 2 trillion yuan, including ICBC, CCB, Agricultural Bank of China, Bank of China, Bank of China, Bank of Communications and Postal Savings. Chinese -funded small and medium -sized banks refer to banks with a total foreign currency assets of less than 2 trillion yuan.

While the scale declines, the structural deposit yields in June have also fallen slightly.

According to Rong 360 Digital Science and Technology Research Institute's "June 2022 Bank Structural Deposit Report" (hereinafter referred to as the "Report") incomplete statistics, the average period of the RMB structural deposit issued by banks in June 2022 was 149 days, and last month The average expected intermediate yield is 2.97%, a decrease of 2 basis points from the previous month; the average expected maximum yield is 3.58%, a basis of 1 basis point from the previous month.

From the perspective of income trend, the average intermediate return of structural deposits has declined since this year.

Judging from the period of structural deposits of different hook bids, the "Report" pointed out that the structural deposit period of linked gold and exchange rates is relatively short, and the average period of June is 79 days and 95 days, respectively. The deposit period is long, and the average period in June is 329 days and 521 days, respectively.

From the perspective of different types of banks, the "Report" shows that the average structural deposit period of state -owned banks in June was 91 days, and the average expected maximum yield was 3.29%, a decrease of 3 basis points from the previous month; , The average expected maximum return rate is 3.55%, a decrease of 2 basis points from the previous month; the average period of structural deposits of urban commercial banks is 116 days, and the average expected maximum return rate is 3.48%, which is increased by 4 basis points. 421 days, the average expected maximum rate of return was 5.8%, an increase of 21 basis points from the previous month.

Liu Yinping, an analyst at Rong 360 Digital Science and Technology Research Institute, pointed out that since May 2020, due to regulatory, the scale of structural deposits has continued to drop. In December 2021 Essence

However, since 2022, the scale of structural deposits has stopped continuously. Although banks still have pressure on cost, some banks still have certain dependence on structural deposits, and there are limited space for structural deposits in the future.

In the first half of this year, the bank deposit interest rate had been adjusted as a whole. In April, the People's Bank of China guided the establishment of a market -oriented adjustment mechanism for deposit interest rates. Members of interest rate self -discipline mechanisms can independently determine the level of deposit interest rates in accordance with their own situation, referring to the bond market interest rate represented by the 10 -year Treasury bond yield and the loan market interest rate represented by the one -year LPR.

According to Zou Lan, director of the Monetary Policy of the People's Bank of China, since the establishment of the mechanism, various banks have actively adjusted the level of deposit interest rates based on market interest rate changes. According to preliminary statistics, in June of this year, the average interest rate of new deposits in the bank of the banks across the country was about 2.32%, which was reduced by 0.12 percentage points compared with April before adjustment.

From April to May this year, large banks, small and medium -sized banks have successively lowered large deposit depositors and regular deposit interest rates. The higher cost of medium- and long -term deposit interest rates has been more obvious.

Liu Yinping said that since June, the interest rate of ordinary deposits has stopped falling and stabilized. The adjustment of the interest rate is temporarily coming to an end, and the interest rate may enter a relatively stable period. Structural deposit yields are still declining channels. Compared with ordinary fixed deposits, the cost of savings is still higher, and there may still be room for a slight decline in the future.

At the same time, Liu Yinping reminded that the structural deposits issued by Chinese banks have a guaranteed rate of return, but the yield of some products has a large uncertainty. Investors cannot just look at the product's expected return. Product income rules, understand the conditions for the product to reach different yields.

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