存款利率“倒挂”频现，存5年不如存3年

Core Viewpoint - The recent trend of banks lowering deposit interest rates has become a norm, particularly among small and medium-sized banks, with significant cuts in long-term deposit rates, driven by strong market expectations for future interest rate reductions [1][4]. Group 1: Deposit Rate Adjustments - Multiple banks, especially small and medium-sized ones, have recently lowered their deposit rates, with the most significant reductions seen in long-term deposits, particularly three-year and five-year terms, with cuts ranging from 15 to 40 basis points [1][4]. - Shanghai Huari Bank announced a reduction in its three-year fixed deposit rate from 2.3% to 2.15%, marking its seventh rate cut this year [3]. - Other banks, such as Tianjin Jincheng Bank and Henan Luoyang Rural Commercial Bank, have also adjusted their deposit rates, with some reductions reaching up to 35 basis points [3][4]. Group 2: Net Interest Margin Pressure - The continuous narrowing of net interest margins is pressuring banks to lower deposit rates to alleviate costs on the liability side [5][7]. - Data from the National Financial Regulatory Administration shows that commercial banks' net interest margins have decreased from 1.52% at the end of last year to 1.42% by the end of the second quarter this year [7]. Group 3: Long-Short Rate Inversion - A notable phenomenon is the frequent occurrence of long-short rate inversion, where long-term deposit rates are lower than short-term rates, contrary to typical expectations [6][8]. - For instance, Shanghai Huari Bank's three-year deposit rate is 2.15%, while its five-year rate is slightly lower at 2.1% [8]. - Analysts suggest that banks are intentionally guiding depositors towards shorter-term deposits to manage the pressure from high-interest long-term deposits maturing in 2025 [8].