存贷款同日非对称降息，银行息差短期稳住了？

Core Viewpoint - The simultaneous decrease in both loan and deposit rates on May 20 is a rare occurrence, aimed at reducing financial burdens for businesses and residents while also addressing the impact on banks' net interest margins [1][2][3] Summary by Relevant Sections Interest Rate Changes - The 1-year and 5-year LPRs were both reduced by 10 basis points, with the new rates being 3% and 3.5% respectively [2] - Major state-owned banks and some joint-stock banks lowered deposit rates by 5 to 25 basis points, with 3-year and 5-year rates down by 25 basis points [1][2] Impact on Banks - The average reduction in deposit rates exceeded that of the LPR, indicating a protective measure for banks' net interest margins [3][5] - The net interest margin for commercial banks fell to 1.43% in Q1, below the regulatory acceptable level of 1.8% [3][4] - The recent adjustments are expected to improve banks' net interest margins by approximately 7 basis points, positively impacting revenue and profit by around 3% and 6% respectively [5] Future Outlook - The space for further reductions in deposit rates is limited, and banks are likely to focus on controlling costs through internal adjustments and managing deposit structures [1][7] - There is a risk of deposit outflows if lower rates lead to increased reliance on interbank liabilities, which could counteract the benefits of reduced deposit costs [6][7] - The trend of banks not raising rates on 5-year deposits and increasing minimum thresholds for 3-year deposits indicates a shift in strategy to manage costs [8] Housing Loan Adjustments - Some regions have begun adjusting the lower limits for first-home loan rates in response to the LPR changes, aiming to stabilize actual mortgage rates above 3% [8][9]