央行料持续完善市场化利率形成传导机制

Group 1 - The core viewpoint of the articles highlights the trend of increased liquidity in corporate and household deposits, indicating a shift towards demand deposits while maintaining a significant level of time deposits [1][2] - In June, the proportion of demand deposits in new corporate and household deposits reached 83% and 95% respectively, compared to historical ranges of 40% to 70% [1] - The decline in deposit interest rates is identified as a key factor driving the trend towards liquidity in deposits, as banks adjust rates to stabilize interest margins [1][2] Group 2 - Despite the trend towards liquidity, the proportion of time deposits remains high, with household time deposits accounting for 73.5% as of mid-year, showing only a slight decrease from the previous month [2] - The asset side of banks has seen a more significant decline in interest rates compared to the liability side, contributing to a narrowing net interest margin [2][3] - The average interest rate for new corporate loans was approximately 3.3%, down about 45 basis points year-on-year, while personal housing loan rates were around 3.1%, down about 60 basis points [2] Group 3 - Financial regulatory authorities emphasize the importance of maintaining a reasonable net interest margin to support both the real economy and the health of the banking system [3][4] - The People's Bank of China aims to enhance the market-oriented interest rate transmission mechanism to support banks in lowering their funding costs [3][4] - Structural monetary policy tools are expected to play a more significant role in supporting key sectors and weak links in the economy, thereby reducing banks' funding costs [3]