Sou Hu Cai Jing·2025-12-23 03:06Core Viewpoint - The six major state-owned banks in China have collectively withdrawn high-interest five-year large-denomination certificates of deposit (CDs), marking a significant shift in the savings market as they adjust to ongoing pressure on net interest margins [2][3]. Group 1: Changes in Deposit Products - The five-year large-denomination CDs have been completely removed from sale, with searches on banking apps returning results indicating "no products available" or "sold out" [2]. - The minimum investment for three-year large-denomination CDs has increased significantly, with thresholds rising from the traditional 200,000 yuan to between 1 million and 5 million yuan, while the interest rate for a 1 million yuan three-year product is only 1.55%, narrowing the gap with regular savings accounts [3]. Group 2: Impact on Banking Sector - Data from the National Financial Regulatory Administration shows that the net interest margin for commercial banks was only 1.42% in Q3 2025, with predictions indicating a slight narrowing of the decline to around 4 basis points in 2026, marking the first time since 2022 that the annual decline will be in single digits [4]. - The continuous narrowing of net interest margins has been a significant factor affecting bank profitability, prompting banks to withdraw high-interest long-term deposit products to stabilize their margins [5]. Group 3: Shifts in Savings Behavior - The withdrawal of high-interest CDs has led to a migration of funds estimated to be in the hundreds of billions, as the market loses "risk-free high-yield" products [6]. - Despite 62.3% of residents still preferring to save more, this figure has been declining for two consecutive quarters, with a noticeable increase in the willingness to invest [6]. - Different types of savers are adjusting their strategies: conservative savers are sticking to deposit products, while moderate investors are moving towards bank wealth management and "fixed income plus" products, and aggressive investors are beginning to allocate funds to high-dividend stocks and gold ETFs [6].