5月LPR下调，同日六大行及招行宣布调降存款利率

Core Points - The People's Bank of China (PBOC) has lowered the Loan Prime Rate (LPR) for the first time in 2023, with the one-year LPR set at 3.0% and the five-year LPR at 3.5%, both down by 10 basis points [1][2][3] - Major banks have also reduced their deposit rates, with rates for terms of three years and below decreased by 15 basis points, and rates for three years and above reduced by 25 basis points [1][5][6] - The adjustments in LPR and deposit rates are aimed at reducing the cost of liabilities for banks and providing more room for lending to the real economy [1][6][7] Group 1: LPR Adjustment - The LPR was adjusted downwards by 10 basis points, marking the first reduction of the year and the first since October of the previous year [2][3] - The reduction follows a decrease in the seven-day reverse repurchase rate, which serves as a new pricing anchor for the LPR [2][3][7] Group 2: Deposit Rate Changes - Six major banks, including the "Big Six" and China Merchants Bank, collectively announced a reduction in deposit rates, with the largest cuts seen in longer-term deposits [5][6][7] - The new rates for one-year deposits have fallen below 1%, while rates for three-year and above deposits are now below 1.5% [8][9] Group 3: Impact on Banking Sector - The reduction in deposit rates is expected to help stabilize net interest margins for banks, which have already been under pressure due to declining loan yields [6][7][9] - The banking sector is likely to focus more on reducing non-interest costs in the future, as credit costs have already decreased significantly [8][9]