银行中长期大额存单“退潮”

Core Viewpoint - The recent trend of major banks in China, including Industrial and Commercial Bank of China, Agricultural Bank of China, and others, has been to phase out long-term large-denomination certificates of deposit (CDs) in response to the ongoing narrowing of net interest margins, indicating a strategic shift towards more sustainable liability structures [1][4]. Group 1: Market Changes - Many banks have removed five-year and even three-year large-denomination CDs from their offerings, with some banks now only providing products with a maximum term of two years [1][2]. - The average interest rate for three-year large-denomination CDs has dropped significantly from 2.197% to 1.55%, leading to a reduction in interest income for depositors [2][3]. Group 2: Interest Rate Trends - The interest rates for large-denomination CDs have entered a "1 era," with rates for two-year and one-year CDs generally around 1.20% and 1.55% for three-year CDs, reflecting a broader trend of declining rates [3][4]. - The current interest rates for two-year and shorter large-denomination CDs are concentrated between 0.9% and 1.4%, while five-year products have largely disappeared from the market [3]. Group 3: Strategic Responses - Banks are actively reducing the scale of long-term liabilities to avoid the risk of cost-revenue inversion, which is a direct response to the pressure on net interest margins [1][4]. - The net interest margin for Chinese commercial banks is projected to decline further, with a reported drop to 1.43% in the first quarter of 2025, highlighting the ongoing challenges faced by the banking sector [4].