21世纪经济报道·2025-05-20 00:19Core Viewpoint - The recent reduction in deposit rates by major Chinese banks is anticipated due to the expected decrease in the Loan Prime Rate (LPR) following the central bank's policy rate adjustments [5][6]. Group 1: Deposit Rate Adjustments - China Construction Bank announced a reduction in RMB deposit rates, with the following changes: - Savings account rate decreased by 5 basis points to 0.05% - Fixed-term rates for 3 months, 6 months, 1 year, and 2 years decreased by 15 basis points to 0.65%, 0.85%, 0.95%, and 1.05% respectively - 3-year and 5-year fixed-term rates decreased by 25 basis points to 1.25% and 1.30% respectively - 7-day notice deposit rate decreased by 15 basis points to 0.30% [1] - Similarly, other major banks including China Merchants Bank, Industrial and Commercial Bank of China, and Bank of China made identical reductions in their deposit rates, reflecting a coordinated approach among the large state-owned banks [4][6]. Group 2: Central Bank Policy Influence - The People's Bank of China (PBOC) announced a reduction in the 7-day reverse repurchase rate from 1.50% to 1.40%, which is expected to lead to a corresponding decrease in the LPR by 10 basis points [5]. - The central bank's adjustments are part of a broader strategy to influence market interest rates, thereby promoting consumption and investment to support economic growth [5][6]. Group 3: Market Reactions and Trends - Historical trends indicate that deposit rate reductions typically begin with state-owned banks, followed by joint-stock and smaller regional banks [6]. - The net interest margin for commercial banks has decreased, falling to 1.43% in the first quarter of this year, which is below the regulatory acceptable level of 1.80% [6].