银行负债压力持续！年内同业存单计划额度激增

Core Viewpoint - The article highlights the increasing pressure on the liability side of large and medium-sized banks in China, leading to a significant rise in the issuance of interbank certificates of deposit (CDs) as a strategy to manage liquidity and address funding gaps [1][2]. Group 1: Interbank Certificates of Deposit Issuance - The planned issuance of interbank CDs for 2025 has significantly increased, with a total planned issuance of approximately 33.17 trillion yuan, up from 27.37 trillion yuan in 2024, marking a year-on-year increase of over 20% [2]. - State-owned banks plan to issue about 10.82 trillion yuan in CDs for 2025, an increase of approximately 3.42 trillion yuan (46%) compared to the previous year, while joint-stock banks plan to issue 10.19 trillion yuan, up by 1.66 trillion yuan (19%) [2]. - The actual issuance of interbank CDs has also risen, with a total of 7.47 trillion yuan issued by March 23, 2025, reflecting a year-on-year growth of about 8% [3]. Group 2: Pressure on Deposits and Net Interest Margin - The net interest margin of Chinese commercial banks has been narrowing, reaching a historical low of 1.52% by the end of 2024, prompting banks to lower overall funding costs [5]. - Since October of the previous year, the year-on-year growth rate of RMB deposits has been declining, with January 2025 seeing a low growth rate of 5.8% [5]. - The pressure on deposits is exacerbated by a significant drop in both household and corporate deposits, with a notable decrease of 2.59 trillion yuan in household deposits and 2.1 trillion yuan in corporate deposits compared to the previous year [5]. Group 3: Strategies for Cost Management - Banks are focusing on optimizing their deposit structures and controlling high-cost deposits to manage liability costs effectively [7][8]. - Strategies include enhancing customer loyalty, expanding the range of new customers, and dynamically adjusting deposit pricing to attract low-cost funds [8][9]. - Some banks are utilizing specific strategies such as payroll services and community engagement to attract low-cost deposits while managing the upper limits of deposit interest rates [9].