低利率时代的银行资产负债管理

Core Viewpoint - The article discusses the challenges and opportunities for banks in China under a low interest rate environment, emphasizing the need for effective asset-liability management to ensure sustainable and stable operations in the banking sector [4]. Group 1: Positive Changes in Asset-Liability Management - The pricing behavior in the deposit market is gradually becoming more standardized, with the potential for a wider downward adjustment in deposit interest rates. Since the establishment of the market-oriented adjustment mechanism for deposit rates in 2022, banks have regularly lowered the upper limit of deposit rates, leading to a notable decrease in the average company deposit interest rate by 14 basis points to 1.68% in 2024 [6]. - The implementation of self-regulatory mechanisms has introduced measures to standardize deposit market pricing behaviors, such as prohibiting high-interest deposit solicitation and establishing a deposit bidding rate reporting mechanism [6]. Group 2: Challenges in Loan Market - The irrational competition in the loan market is expected to converge, with a potential slowdown in the downward trend of loan interest rates. From December 2019 to March 2025, the 1-year and 5-year LPRs decreased by 105 and 120 basis points, respectively, while the average interest rate on newly issued loans fell by 200 basis points, indicating excessive downward adjustments by banks [7]. - Regulatory authorities are intensifying efforts to manage "involution" in the banking sector, urging banks to set reasonable loan interest rates based on risk pricing principles. This includes ensuring that personal housing and consumer loan rates do not fall below certain thresholds [7].