存款利率继续下降，3个月定存平均利率步入“0时代”

Core Viewpoint - The report from Rong360 Digital Technology Research Institute indicates a continued decline in bank deposit rates, with medium to long-term rates entering the "1 era" and 3-month rates entering the "0 era" [1] Group 1: Deposit Rate Trends - As of June 2025, the average interest rates for various term deposits are as follows: 3-month at 0.949%, 6-month at 1.156%, 1-year at 1.287%, 2-year at 1.372%, 3-year at 1.695%, and 5-year at 1.538% [2] - Compared to the previous month, the rates for 3-month, 6-month, 1-year, 2-year, 3-year, and 5-year deposits have decreased by 5.5 BP, 5.6 BP, 5.2 BP, 5.6 BP, 1.6 BP, and 3.5 BP respectively [2] - The report also highlights that large-denomination certificates of deposit (CDs) have seen a decline in average rates across all terms, with the 3-month rate dropping by 5.96 BP and the 1-year rate by 8.39 BP [2] Group 2: Structured Deposits - In June 2025, the average term for RMB structured deposits was 103 days, an increase of 13 days from the previous month, while the average expected intermediate yield was 1.78%, down by 7 BP [3] - The average expected maximum yield for structured deposits was 2.14%, which decreased by 11 BP compared to the previous month [3] - Different types of banks showed varying average terms and yields for structured deposits, with state-owned banks at 70 days and an expected maximum yield of 1.99%, while foreign banks had an average term of 334 days and a maximum yield of 4.34% [4] Group 3: Performance by Underlying Assets - For structured deposits linked to foreign exchange, the average expected intermediate yield was 1.77%, down by 24 BP, while those linked to gold had a yield of 1.78%, down by 2 BP [4] - Structured deposits linked to indices, funds, and stocks saw an increase in average expected intermediate yield to 2.00%, with the maximum yield rising to 5.40%, an increase of 8 BP [4]