新一轮存款利率下调即将落地 商业银行负债成本有望进一步改善

Group 1 - The long-anticipated reduction in deposit interest rates is about to be implemented, with major state-owned banks indicating that announcements will be made soon [1][4] - The People's Bank of China (PBOC) has lowered the 7-day reverse repurchase rate from 1.50% to 1.40%, which is expected to lead to a corresponding decrease in the Loan Prime Rate (LPR) and deposit rates by 0.1 percentage points [1][2] - The adjustment of policy rates is aimed at promoting consumption and investment, thereby enhancing overall social demand and supporting economic growth [2] Group 2 - Historically, deposit rate reductions are initiated by major state-owned banks, followed by joint-stock banks and smaller regional banks [4] - As of now, the official deposit rates for major state-owned banks are 1.10% for 1-year, 1.20% for 2-year, 1.50% for 3-year, and 1.55% for 5-year fixed deposits [4] - The net interest margin of commercial banks has decreased from 1.52% in Q4 of the previous year to 1.43% in Q1 of this year, falling below the regulatory acceptable level of 1.8% [6]