美元存款利率，下调！

Core Viewpoint - Following the Federal Reserve's interest rate cut in September, USD deposit rates have entered a downward trend, with expectations for further reductions in the future [1][2]. Group 1: USD Deposit Rate Changes - A foreign bank's USD deposit products now offer rates of 3.5% for 1-month, 3-month, and 6-month terms, and 3.05% for 12-month terms, with a 10 basis points (BP) reduction for 1-month and 20 BP for 6-month terms compared to previous rates [1]. - In South China, a foreign bank previously offered rates above 4% for short-term USD deposits, which have now been reduced to 3.75%, 3.85%, and 3.90% for the same terms [1]. - In North China, general account USD deposit rates have been adjusted to 3.1% for 1-month, 3.3% for 3-month, and 3.05% for 6-month terms, with VIP account rates being 45 BP higher [1]. Group 2: Future Expectations and Market Dynamics - The Federal Reserve's recent rate cut is characterized as a "risk management cut," aimed at preventing deterioration in the job market, with an implied 50 BP of additional cuts expected within the year [2]. - Different banks are adjusting their rates at varying paces, with state-owned banks maintaining more stable rates compared to foreign and city commercial banks, which are more flexible due to their dollar positions and market competition [2]. - Short-term rates are under greater downward pressure, with expectations that 3-month to 6-month rates may continue to decline, while long-term rates may adjust more moderately [2]. Group 3: Investment Considerations - Investors should be cautious of the risks associated with declining rates and shrinking investment returns, recommending a preference for short-term products to allow for timely strategy adjustments [3]. - Currency fluctuations and hedging costs should be considered, as a weaker dollar could lead to reduced actual returns on USD deposits, with options for hedging through forward contracts or structured deposits [3]. - Liquidity and minimum deposit requirements are important factors, as some high-yield products may have significant withdrawal penalties, necessitating careful fund allocation based on liquidity needs [3].