多家银行5年期大额存单下架

Core Insights - The recent adjustment in deposit rates has led banks to modify their medium to long-term large-denomination certificate of deposit (CD) products, with many banks reducing rates below 2% [1][2] - The tightening of large-denomination CD issuance is attributed to the overall decline in market interest rates and the need for banks to manage funding costs effectively [1] Group 1: Deposit Rate Adjustments - As of late May, 18 banks, including 6 major state-owned banks and 12 national joint-stock banks, have largely removed 5-year large-denomination CDs from sale, while 3-year CDs remain available but with limited quotas for certain clients [1] - The highest rate for a 3-year large-denomination CD is 1.8% from Bohai Bank, while most joint-stock banks offer rates around 1.75%, and state-owned banks offer rates at 1.55% [1] Group 2: Market Trends - Data from the National Financial Regulatory Administration indicates that the net interest margin for Chinese commercial banks narrowed to 1.43% in Q1 2025, a decrease of nine basis points from the end of Q4 2024 [1] - In March 2025, the average interest rates for large-denomination CDs were reported as 1.719% for 1-year, 1.867% for 2-year, 2.197% for 3-year, and 2.038% for 5-year [2] Group 3: Broader Rate Cuts - Major state-owned banks, including ICBC, ABC, and others, have collectively lowered their deposit rates, with the 1-year fixed deposit rate dropping below 1% to 0.95% and the current account rate falling to 0.05% [2] - Joint-stock banks have followed suit, with 1-year fixed deposit rates now at 1.15% and 2-year rates at 1.2%, while 3-year and 5-year rates have been adjusted to 1.3% and 1.35% respectively [2]