息差压力之下，五年定存渐成“稀缺品”

Core Viewpoint - The banking industry is undergoing a significant transformation in its liability structure optimization due to sustained pressure on net interest margins, leading to the reduction or cancellation of long-term deposit products, particularly five-year fixed deposits, which are becoming scarce in the market [1][4]. Group 1: Changes in Deposit Products - Some small and medium-sized banks have begun to adjust or eliminate three-year and five-year fixed deposit products, reflecting a trend towards reducing funding costs and managing liabilities more precisely [1][2]. - The Inner Mongolia Tuyuqi Mengyin Village Bank has become the first commercial bank to officially cancel its five-year fixed deposit product, highlighting the cost pressure associated with long-term deposits [1]. - Other banks, such as the Hubei Jingmen Rural Commercial Bank, have also reduced rates and eliminated five-year options from their special deposit products [1]. Group 2: Market Trends and Responses - Several private banks, including Zhejiang Webank and CITIC Baixin Bank, have already stopped offering five-year fixed deposit products, indicating a broader trend among banks to compress high-cost long-term deposits [2]. - National banks still offer five-year fixed deposits, but their yield advantages have significantly narrowed, with some banks like China Merchants Bank suspending higher interest rate offerings [4]. - The phenomenon of interest rate inversion, where longer-term deposits yield less than shorter-term ones, is becoming more common, indicating a shift from a focus on scale to precise control in deposit management [5]. Group 3: Economic Context and Future Outlook - The continuous pressure on net interest margins is evident, with 14 out of 26 listed banks reporting a downward trend in net interest margins [4]. - The People's Bank of China has noted that the decline in loan rates is outpacing deposit rates, further compressing banks' net interest margins and limiting their ability to support the real economy [4]. - Experts predict that the trend of eliminating high-cost long-term deposit products will likely be adopted by more banks, as they seek to stabilize net interest margins and diversify funding sources [5].