利率进入“1字头”，银行存款“大搬家”

Core Viewpoint - The article discusses the phenomenon of "deposit migration" in the context of declining deposit interest rates in China, highlighting the significant increase in non-bank deposits and the shifting investment preferences of individuals and businesses towards financial products and equity markets. Group 1: Deposit Trends - As of the end of May, the total RMB deposit balance reached 316.96 trillion yuan, a year-on-year increase of 8.1%, with nearly 2.2 trillion yuan added in that month, which is 500 billion yuan more than the same period last year [2][5] - Non-bank deposits saw a monthly increase of nearly 1.2 trillion yuan, marking a 300 billion yuan year-on-year increase, the highest for the same period in nearly a decade [5][11] - The decline in deposit interest rates has led to a significant "deposit migration" effect, with many financial institutions reducing rates, causing a shift in funds towards non-bank financial products [5][6] Group 2: Interest Rate Changes - The average interest rates for various term deposits have dropped significantly, with 1-year and shorter-term rates falling below 1%, and some medium to long-term rates dropping to around 2% [6][7] - Major state-owned banks initiated a large-scale reduction in deposit rates on May 20, marking the first significant adjustment since 2025, with all medium to long-term deposit rates entering the "1 era" [6][7] - The average interest rate for 3-month deposits was 1.004%, while the 5-year rate was lower than the 3-year rate by 0.14 percentage points, indicating severe rate inversion [6][7] Group 3: Investment Shifts - The "deposit migration" phenomenon has been observed in two phases: the first phase involved a shift towards wealth management and funds as bond yields rose and deposit rates fell; the second phase saw funds moving into the stock market as it began to recover [9][10] - Current fund flows are primarily directed towards three areas: public fund products, competitive money market funds, and equity markets as risk appetites increase among residents and businesses [10][11] - The growth in bank wealth management products, which increased by 340 billion yuan to 31.6 trillion yuan by the end of May, is a strong indicator of the "deposit migration" effect [11]