美元存款：不复高收益 利率往下调

Core Viewpoint - The recent reduction in USD deposit rates by multiple banks is primarily influenced by the Federal Reserve's shift in monetary policy and changes in market liquidity, leading to a competitive adjustment in deposit rates [4][5]. Group 1: Federal Reserve Actions - On September 17, the Federal Reserve lowered the federal funds rate target range by 25 basis points to 4.00%-4.25%, marking its first rate cut since December 2024 [2]. - This decision prompted immediate responses from banks, with HSBC announcing a reduction in USD fixed deposit rates on the same day [2]. Group 2: Bank Responses - HSBC adjusted its USD deposit rates for 1-month and 6-month terms to 3.5%, down by 10 and 20 basis points respectively, while the 1-month and 6-month rates for deposits starting at $50,000 were set at 3.6% [2]. - Standard Chartered Bank lowered its USD deposit rates for 3-month, 6-month, and 1-year terms to 3.8%, with 1-month to 1-year rates at 3.6% and 2-year rates at 3.0% [3]. - Huashang Bank reduced its USD deposit rates by 25 basis points across various terms, with rates now at 3.75%, 3.85%, and 3.90% for 1-month, 3-month, and 6-month deposits respectively [3]. Group 3: Market Dynamics - The decline in USD deposit rates is attributed to the dual impact of the Federal Reserve's monetary policy shift and the strengthening of the RMB, which encourages investors to allocate more to RMB assets [4]. - Banks are proactively reducing costs in anticipation of further rate cuts by the Federal Reserve, which diminishes the incentive for high-interest deposit acquisition [4]. - The previous high USD deposit rates led to significant growth in foreign currency deposits, increasing pressure on banks regarding the utilization of foreign currency funds, especially as yields on USD assets decline [5].