银行负债压力缓解 但多家行存单额度使用已超80％

Core Viewpoint - The issuance of interbank certificates of deposit (CDs) remained stable in June despite a peak maturity volume of 4.2 trillion yuan, indicating a shift in the market dynamics compared to earlier months when banks faced liquidity pressures and higher issuance rates [1][4]. Group 1: Market Conditions - In March, the average issuance rate of interbank CDs exceeded 2.0%, reflecting significant liquidity pressure on banks [1][2]. - By June, the issuance rate stabilized at 1.6557%, showing no significant upward pressure on rates despite high maturity volumes [4][8]. - The People's Bank of China (PBOC) provided timely liquidity support, which helped maintain stable issuance prices and allowed banks to navigate the high maturity period safely [4][8]. Group 2: Bank Issuance Capacity - Many banks, including state-owned and city commercial banks, are approaching their annual issuance limits, with some banks like Jiangsu Bank reaching a usage rate of 90.43% [5][6]. - The overall demand for increasing issuance limits in the second half of the year may be limited, as banks currently have sufficient capacity to meet their funding needs [1][5][8]. Group 3: Differentiation Among Banks - There is a notable disparity in the usage rates of interbank CDs among different banks, with some banks like China Merchants Bank showing a low usage rate of only 3.73%, indicating less pressure on their liabilities [6][7]. - State-owned banks generally exhibit higher usage rates compared to the same period last year, suggesting a greater need for liability support [7][8]. - Analysts predict that the net financing growth of state-owned banks may accelerate, while the overall pressure on the liability side is expected to remain neutral [7][8].