“揽储利器”中长期大额存单为何逐渐消失？

Core Viewpoint - The long-term large-denomination certificates of deposit (CDs), once considered a "tool for attracting deposits," are gradually disappearing from major banks in China, indicating a shift in banks' strategies to optimize their liability structures and stabilize net interest margins [1][2]. Group 1: Changes in Large-Denomination CDs - Major banks have removed 5-year large-denomination CDs from their apps, while 3-year CDs are still available but often marked as "sold out" or "in short supply" [2]. - The interest rates for 3-year large-denomination CDs are concentrated between 1.5% and 1.8%, despite the overall decline in rates [2]. - The reduction of high-cost long-term large-denomination CDs is seen as a direct method for banks to manage their liability structures and stabilize net interest margins, which remain at historical lows [2][3]. Group 2: Interest Rate Adjustments - Many local banks have also begun to adjust their deposit structures, with some, like the Mengyin Village Bank in Inner Mongolia, canceling 5-year fixed deposit products and lowering rates for other terms [3][4]. - Since the establishment of the market-oriented deposit rate adjustment mechanism in April 2022, major banks have reduced deposit rates in multiple rounds, with the latest cuts occurring in May 2023 [5]. Group 3: Shifts in Investment Preferences - As interest rates decline, depositors are encouraged to adopt rational expectations and consider diversifying their asset allocations, including investments in government bonds and low-risk financial products [5]. - A survey indicates a shift in residents' preferences, with a decrease in those favoring "more savings" and an increase in those leaning towards "more investments" [5]. - The scale of the banking wealth management market reached 32.13 trillion yuan by the end of Q3 2025, reflecting a year-on-year increase of 9.42% [5][6].