“超车式”降息！部分中小行存款利息已低于大行

Core Viewpoint - The article discusses a significant shift in the deposit interest rate strategies of small and medium-sized banks in China, as they rapidly follow the lead of large state-owned banks in reducing deposit rates, moving away from their traditional high-interest deposit attraction methods [1][3]. Group 1: Deposit Rate Changes - A new wave of deposit rate cuts has been initiated by small and medium-sized banks, particularly in regions like Guangdong and Sichuan, with some rural commercial banks lowering their three-year fixed deposit rates to 1.2%, which is 5 basis points lower than the rates offered by large banks [1][3]. - The speed of this rate cut transmission from large banks to small banks is notably faster compared to previous cycles, with some banks reducing rates multiple times within a short period [3][4]. - As of June 1, certain small banks, such as Beijing Huairou Rongxing Village Bank, have set their three and five-year deposit rates at 1.20%, lower than the rates of major banks [3][4]. Group 2: Strategic Shift in Banking Operations - Small and medium-sized banks are abandoning their reliance on high-interest deposits due to the increasing burden of high-cost liabilities amidst declining loan rates [6][8]. - The overall net interest margin for commercial banks has narrowed, with the first quarter of 2025 showing a decrease of 9 basis points year-on-year, particularly affecting rural commercial banks which saw a significant drop of 15 basis points [6][7]. - The focus of these banks is shifting from aggressive deposit acquisition to optimizing existing funds and controlling costs, reflecting a broader change in operational strategy [6][8]. Group 3: Market Implications - The rapid reduction in deposit rates may lead to an increase in deposit migration, as the attractiveness of traditional bank deposits diminishes [10][11]. - The decline in deposit rates is expected to drive more funds into low-risk asset management products, enhancing the influence of the bond market [11]. - The current deposit rate for one-year deposits is at 0.95%, while the yield on one-year negotiable certificates of deposit (NCD) is at 1.68%, indicating a potential for deposit disintermediation [10][11].