5月存款利率全线跳水

Core Viewpoint - The report from融360 Digital Technology Research Institute indicates a significant decline in bank deposit rates in May, with medium to long-term rates entering the "1 era" and severe inversion in rates between 3-year and 5-year deposits [1][3]. Group 1: Deposit Rate Trends - In May, the average interest rates for fixed-term deposits across various durations showed a downward trend, with 3-month, 6-month, 1-year, 2-year, 3-year, and 5-year rates at 1.004%, 1.212%, 1.339%, 1.428%, 1.711%, and 1.573% respectively [1]. - Compared to the previous month, the average rates for 3-month, 6-month, 1-year, 2-year, 3-year, and 5-year deposits decreased by 24.3 basis points, 23.5 basis points, 22.3 basis points, 23.0 basis points, 30.3 basis points, and 30.0 basis points respectively [1]. - The average interest rate for 5-year deposits is 0.14 percentage points lower than that for 3-year deposits, indicating a significant inversion [1]. Group 2: Large Certificate of Deposit (CD) Trends - The average interest rates for large CDs also declined across all terms, with 3-month, 6-month, 1-year, 2-year, 3-year, and 5-year rates decreasing by 10.24 basis points, 11.26 basis points, 12.25 basis points, 13.75 basis points, 8.81 basis points, and 28.33 basis points respectively [2]. - The average interest rate for 3-month large CDs is 1.239%, while the 5-year rate is significantly lower at 1.700% [2]. Group 3: Structured Deposit Trends - The average expected middle yield for RMB structured deposits in May was 1.85%, a decrease of 6 basis points from the previous month, while the average expected maximum yield was 2.25%, down by 10 basis points [2]. - Different types of banks showed varying trends in structured deposit yields, with state-owned banks having an average maximum yield of 2.18%, down 15 basis points, while foreign banks had a higher average maximum yield of 4.35%, down 16 basis points [2]. Group 4: Market Response and Future Outlook - A significant adjustment in the deposit rate structure occurred in May, initiated by major state-owned banks, marking the first large-scale rate adjustment since 2025 and the seventh rate cut since October 2024 [3]. - Following the major banks, smaller banks also adjusted their deposit rates downward, reflecting a general trend across the banking sector [3]. - Analysts suggest that the central bank will continue to implement moderately loose monetary policies to lower corporate financing costs and stimulate economic recovery, indicating a likely continued downward trend in deposit rates [4].