降幅最多80个基点！部分中小银行为何这个时间点下调存款利率？

Core Viewpoint - The ongoing pressure of narrowing net interest margins has prompted small and medium-sized banks to initiate a new round of deposit rate cuts, with several institutions announcing reductions in their deposit interest rates since October [1][4]. Summary by Sections Deposit Rate Cuts - A new wave of deposit rate cuts has been observed among small and medium-sized banks, including Suzhou Bank, Shanghai Huari Bank, and Tianjin Jincheng Bank, with some banks reducing rates by as much as 80 basis points [1][3]. - Shanghai Huari Bank has reduced its 3-year fixed deposit rate from 2.3% to 2.15%, marking its seventh rate cut this year [3]. Impact of Net Interest Margin - The narrowing of net interest margins is the primary driver behind the recent deposit rate cuts, with commercial banks' net interest margin decreasing from 1.52% at the end of last year to 1.42% by the second quarter of this year [4][5]. - Analysts suggest that the pressure from narrowing net interest margins and the upcoming maturity of high-interest deposits are significant factors influencing banks to lower deposit rates [4][5]. Market Expectations - There is an increasing market expectation for a potential policy rate cut in the fourth quarter, with predictions of a 10 basis point reduction [5]. - The reduction in deposit rates may help alleviate the pressure from narrowing net interest margins and create a buffer for the banking system [5]. Interest Rate Inversion - A notable phenomenon during this round of rate cuts is the occurrence of interest rate inversion, where longer-term deposit rates are lower than shorter-term rates, contrary to typical expectations [6][7]. - This inversion is attributed to banks' anticipation of further declines in future interest rates, leading them to lower long-term deposit rates to manage long-term funding costs [6][7]. Implications for Depositors - The decline in deposit rates signals to ordinary depositors to reassess their asset allocation, potentially increasing their interest in other investment products [7]. - The short-term impact of rate inversion may lead to a decrease in long-term deposit allocations, but in the long run, it could help banks optimize their funding structure and improve capital efficiency [7].