五年期存款产品退潮 迟来的银行负债端“自救”

Core Viewpoint - Recent adjustments by various banks to long-term deposit products have sparked widespread market attention, with some small and medium-sized banks canceling or suspending five-year fixed deposits, while state-owned and joint-stock banks are also halting five-year large-denomination certificates of deposit, indicating a synchronized tightening trend in the industry [1][2]. Group 1 - Several village and town banks have simultaneously lowered interest rates on multiple term fixed deposit products, with the maximum reduction reaching 10 basis points [2]. - The current round of adjustments across various banks reflects the direct impact of sustained net interest margin pressure on the liability side and the banking system's proactive "correction" of interest rate transmission issues [2]. - The net interest margin, a critical indicator of bank profitability, has dropped to a historical low of 1.42%, highlighting the severe profitability pressures faced by the banking sector [2]. Group 2 - Banks are under pressure to lower loan rates to benefit the real economy while facing a growing trend of "regularization" in deposits, making it difficult to reduce liability costs [2]. - The discontinuation or reduction of five-year fixed deposits, viewed as a "high-cost" liability option, is a primary target for optimization adjustments, allowing banks to "lighten their load" in response to narrowing net interest margins [2]. - From a regulatory perspective, the People's Bank of China aims to guide commercial banks in lowering deposit rates through a self-discipline mechanism, not to eliminate certain deposit products but to address bottlenecks in interest rate transmission [2][3]. Group 3 - The asynchronous decline of loan and deposit rates has weakened the effectiveness of monetary policy transmission, and promoting the orderly exit of high-cost long-term deposits can help banks build a more reasonable liability structure [3]. - This adjustment is expected to enhance policy transmission efficiency and reserve necessary policy space for future rate cuts, ensuring that macroeconomic control can more accurately and effectively reach the real economy [3]. - The decline of five-year fixed deposits should not be seen merely as "shrinkage of savings" but as a signal for optimizing wealth allocation during a declining interest rate cycle, with the banking wealth management market returning to 32 trillion yuan and public fund total scale surpassing 36 trillion yuan [3].