经济日报：中小银行仍需平衡好净息差

Core Viewpoint - Recent adjustments in deposit rates by several small and medium-sized banks have led to a phenomenon where short-term deposit rates exceed long-term rates, indicating a shift in market behavior and bank strategies in response to external pressures and internal conditions [1][2][3]. Group 1: Deposit Rate Adjustments - Multiple small and medium-sized banks have announced adjustments to their deposit rates, resulting in varying reductions across different maturities [1]. - For instance, Shanghai Huari Bank has set its five-year fixed deposit rate at 2.1%, which is lower than the three-year rate of 2.15%, illustrating the occurrence of "inverted" rates [1]. - This inversion contradicts the traditional pricing logic where longer terms typically yield higher rates [1]. Group 2: Factors Influencing Rate Changes - The narrowing of banks' net interest margins to historical lows is a significant factor driving the reduction in long-term deposit rates, particularly affecting small and medium-sized banks [1][2]. - Strong expectations for further declines in interest rates have prompted banks to lower long-term rates to avoid locking in high-cost liabilities [1][2]. - Additionally, banks are optimizing their liability structures by reducing the proportion of medium- to long-term deposits to enhance flexibility in asset-liability management [1]. Group 3: Market Dynamics and Competition - The current market environment shows increased short-term liquidity pressure, with banks ramping up credit issuance as the year-end approaches [2]. - Wealth management and asset management sectors are diverting some deposits away from banks, leading to heightened competition for deposits [2]. - Retail deposits are showing signs of significant outflow, as investors are increasingly favoring higher-yielding bank wealth management products over traditional deposits [2]. Group 4: Future Outlook and Challenges - Balancing net interest margins remains a critical challenge for small and medium-sized banks, which must continue to optimize their liability structures while managing the pressure of declining margins [4]. - The potential for further monetary policy easing, including rate cuts, could provide favorable conditions for the banking sector [4]. - Innovations in wealth management products, such as those linked to equities or precious metals, are necessary for banks to enhance their offerings and attract depositors [3].