又见中小银行密集调降存款利率

Core Viewpoint - Recently, small and medium-sized banks in China have entered a new round of interest rate cuts, with expectations of a 10 basis point reduction in deposit rates in the near term [3][4]. Group 1: Interest Rate Adjustments - A number of small and medium-sized banks have been actively lowering their deposit rates since October, with Shanghai Huari Bank reducing its 3-year fixed deposit rate from 2.3% to 2.15% [3]. - Huari Bank has cut its deposit rates a total of seven times this year, with the 3-year deposit rate decreasing from 2.8% at the end of 2024 to 2.15% [3]. - Other banks, such as Tianjin Jincheng Bank and Henan Luoyang Rural Commercial Bank, have also implemented interest rate cuts around the same time [3]. Group 2: Net Interest Margin Pressure - The net interest margin for commercial banks has been continuously narrowing, with figures reported at 1.52% at the end of last year, 1.43% at the end of Q1, and 1.42% at the end of Q2 this year [4]. - The downward trend in deposit rates is seen as a necessary measure to alleviate the pressure on the cost of liabilities for banks [3][4]. Group 3: Future Expectations - Analysts expect that there may be another round of interest rate cuts and reserve requirement ratio reductions by the central bank in the fourth quarter, which could lead to further adjustments in the Loan Prime Rate (LPR) [4]. - The peak period for high-interest deposits is estimated to be from 2022 to 2024, with a significant amount of these deposits maturing in 2025 and 2026, potentially leading to the largest decline in deposit rates in a decade [4][5].