From today, down!

[Dahe Daily · Dahecai Cube] (Reporter Chen Yujing) Following the downgrade in April, the personal deposit interest rate ushered in the decline. On September 15, the six major banks of the state -owned banks (ICBC, Agricultural Bank, Bank of China, CCB, Bank of Communications and Postal Savings Bank) and China Merchants Bank collectively lowered the listing interest rate of RMB deposits.

In this adjustment, in terms of regular deposits, the largest decline is the three -year deposit and total interest rate, with a intensity of 15 basis points, and a variety of time -limited deposit interest rates of 3 months, 6 months, and 1 -year period have been reduced. 10 basis points; the interest rate of the current deposit also lowered, and the intensity was 5 basis points to 0.25%.

Taking the Construction Bank as an example, after the adjustment, the bank's 3 -month, 6 -month, 1 -year, 2 -year, and 5 -year term deposit interest rate was 1.25%, 1.45%, 1.65%, 2.15%, 2.65%, respectively, all of which, both The decrease of 10 basis points was reduced; the 3 -year regular deposit interest rate was 2.60%, a decrease of 15 basis points from the previous 2.75%.

In addition to the State -owned Bank of Construction Bank, Industrial and Commercial Bank of China, Agricultural Bank of China, Bank of China, Bank of Communications, and Bank of Communications, the regular deposit interest rates of multiple varieties of China Merchants Bank -China Merchants Bank also lowered.

At present, the listing interest rates of the RMB deposits of the six major banks and China Merchants Bank have remained consistent.

In fact, the industry's interest rate adjustment is not surprising.

In April of this year, the central bank guided interest rate self -discipline mechanism to establish a market -oriented adjustment mechanism for deposit interest rates. Members of self -discipline mechanism banks refer to the bond market interest rates represented by 10 -year Treasury bond yields and loan market interest rates represented by one -year LPR. It is reasonable. Adjust the level of deposit interest rates. State -owned banks such as workers, agriculture, China, China, Construction, Communications, Postal Savings, and most joint -stock banks have lowered their interest rates and large -scale deposit interest rates in the one -year or higher period of time in late April. Essence

Subsequently, the LPR, as a reference interest rate, appeared twice in May and August. Among them, the 1 -year LPR lowered 5 basis points in August, and the 5 -year LPR lowered 15 basis points in May. In August 15 basis points.

Wen Bin, chief economist of China Minsheng Bank, said that the interest rate of the state -owned bank's deposit will have an impact from the following three aspects:

The first is that the effectiveness of the reform of deposit interest rates is emerging. Since April this year, the central bank has established a market -oriented adjustment mechanism for deposit interest rates. On the one hand, the benchmark interest rate of deposits can be promoted "two tracks and one track" of market interest rates, and on the other hand, it can also promote the linkage of deposit interest rates with LPR to attract each other, prompting policy interest rates to more smoothly to deposit interest rate transmission.

Second, the net interest difference between commercial banks has continued to narrow since this year, and the cost of controlling bank liabilities is imperative. According to data from the CBRC, the net interest margin of commercial banks in the second quarter was 1.94%, which continued to narrow 3bp from the first quarter. At present, the contradiction between credit supply and demand is still large. This year, the 5Y-LPR has reached a total of 35bp. After the re-pricing in the first quarter of next year, the bank's revenue will be greatly squeezed. To this end, it is imperative to control the cost of bank liabilities.

Third, the current market entity has a strong willingness to save, and reducing deposit costs can help stimulate the self -financing needs of market entities.

Dongfang Jincheng chief macro analyst Wang Qing said that since September 15, a number of state -owned banks have lowered personal deposit interest rates again, of which three -year regular deposits and large deposit interest rates have been reduced by 15 basis points, which indicates that subsequent deposits weigh the average average Interest rates will continue to decline. Based on the judgment of various factors, there are still about 20 to 30 base points of LPR quotes at the end of the year at the end of the year.

Responsible editor: Chen Yuyao | Review: Li Zhen | Director: Wan Junwei

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