多家银行官宣：降息！降息！

Core Viewpoint - A wave of interest rate cuts is occurring in China, with multiple banks reducing deposit rates to alleviate pressure on their liabilities, following a trend initiated by several small and medium-sized banks [1][5][6]. Summary by Category Deposit Rate Adjustments - Several banks, including regional and private banks, have announced reductions in deposit rates effective from late April to early May. For instance, a bank in Henan has adjusted its one-year, two-year, three-year, and five-year deposit rates to 1.8%, 1.8%, 2.05%, and 1.95%, respectively, down by 10 to 15 basis points from rates effective March 1 [1][2]. - Xinjiang Fuhai Rural Commercial Bank has lowered its one-year deposit rate from 1.75% to 1.7%, and its two-year rate from 1.95% to 1.8%, among other adjustments [2][4]. Market Trends and Predictions - The trend of interest rate cuts is driven by net interest margin pressures and a response to policy guidance and market expectations. Many banks are adapting to lower market interest rates to stabilize interest income and explore non-interest income sources [5][6]. - Analysts predict that deposit rates still have room for further reductions, with expectations that rates will align closely with policy rate declines. The market is observing a significant drop in government bond yields compared to policy rates, indicating potential for further decreases in asset yields [5][6]. Monetary Policy Implications - The recent statements from the political bureau regarding monetary policy suggest a shift towards more timely adjustments in reserve requirement ratios and interest rates, with expectations that deposit rates will be prioritized over Loan Prime Rate (LPR) adjustments [6][7]. - It is anticipated that the current round of deposit rate adjustments will begin with small and medium-sized banks, aiming to minimize the impact on larger banks while ensuring liquidity support for major bondholders [7].