存款利率又双叒下滑！9月份5年期已跌至1.519%

Core Viewpoint - The average deposit rates in China continue to decline, with significant pressure on net interest margins, leading to a persistent inversion in long-term and short-term deposit rates [1][4][5]. Deposit Rate Trends - As of September 2025, the average deposit rates for various terms are as follows: 3-month at 0.944%, 6-month at 1.147%, 1-year at 1.277%, 2-year at 1.367%, 3-year at 1.688%, and 5-year at 1.519% [1][3]. - Compared to the previous month, the rates have decreased slightly across all terms, with the most significant drop being 0.4 basis points for the 3-year term [1][3]. Net Interest Margin Pressure - The net interest margin for commercial banks has been on a downward trend, recorded at 1.52% at the end of last year, 1.43% at the end of Q1, and 1.42% at the end of Q2 this year [4]. - The continuous decline in deposit rates is attributed to the ongoing pressure on net interest margins, which has led banks to adjust their deposit pricing strategies [4][5]. Long-term vs Short-term Rate Inversion - A notable phenomenon is the inversion of average rates between 3-year and 5-year deposits, with the 3-year rate at 1.688% being higher than the 5-year rate at 1.519% [1][4]. - This inversion has been persistent since 2024, indicating a shift in depositor behavior towards shorter-term deposits [5]. Large-denomination Certificate of Deposit (CD) Trends - The average rates for large-denomination CDs have also shown mixed trends, with the 3-month rate at 1.134%, 6-month at 1.318%, and 1-year at 1.394% [6][7]. - The rate differences between large-denomination CDs and regular deposits are narrowing, particularly for terms longer than one year [7]. Structural Deposit Insights - The average term for structured deposits has increased to 106 days, with a slight decrease in average expected middle yield to 1.59% [7][8]. - Different types of banks show varying trends in structured deposit terms and yields, with foreign banks having the longest average term at 405 days and the highest expected yield at 4.35% [7][8].