从下调利率到直接“退场”，有银行取消五年期定存产品

Core Viewpoint - Recent adjustments in fixed deposit products by banks, particularly the cancellation of five-year fixed deposits by some banks, highlight a broader trend of declining deposit rates among small and medium-sized banks in response to net interest margin pressures [2][3][4]. Group 1: Bank Adjustments - The announcement from Tuoyang County Mengyin Village Bank and Kundu Lun Mengyin Village Bank to cancel five-year fixed deposits marks them as the first commercial banks in the industry to take this step [2]. - Several small and medium-sized banks have followed suit, with some deposit products seeing rate reductions exceeding 60 basis points [3]. - For instance, Hainan Baoting Rongxing Village Bank adjusted its one, two, three, and five-year fixed deposit rates to 1.2%, 1.25%, 1.6%, and 1.65%, reflecting decreases of 65BP, 55BP, 20BP, and 15BP respectively from August levels [3]. Group 2: Interest Rate Trends - The trend of declining deposit rates is a response to significant net interest margin pressures, with the net interest margin for commercial banks reported at 1.42% in Q2 2025, down 0.01 percentage points from Q1 [4]. - A notable "term inversion" phenomenon is occurring, where long-term deposit rates are lower than short-term rates, as seen with Xinjiang Manas Rural Commercial Bank's three-year rate at 1.35% and five-year rate at 1.30% [4]. - Major banks, including China Construction Bank, are also experiencing similar trends, with their three-year fixed deposit rates exceeding five-year rates by 25 basis points [5]. Group 3: Strategic Responses - Banks are actively seeking to lower their funding costs by reducing long-term liabilities and adjusting their product offerings, as indicated by the absence of five-year large denomination deposit products in many major banks [6][7]. - The banking sector is focusing on enhancing non-interest income through wealth management and custodial services while stabilizing net interest margins [7]. - Analysts suggest that the downward trend in interest income for commercial banks may ease due to factors such as improved loan pricing and risk matching, better performance in the capital market, and accelerated digital transformation [8]. Group 4: Implications for Investors - Traditional reliance on long-term fixed deposits for wealth preservation is being challenged, prompting financial advisors to recommend diversifying into government bonds, savings-type insurance, and low-risk bank wealth management products [8]. - Investors are encouraged to adapt their financial strategies in response to the declining interest rate environment to meet their wealth management needs effectively [8].