日前，内蒙古土右旗蒙银村镇银行的一则公告引发了市场的广泛关注。该行不仅下调了存款利率，更正式宣布取消五年期 整存整取定期存款，成为业内首家采取此措施的商业银行。调整前，该行五年期定存利率仅为1.9%，甚至低于其三年期定 存利率0.5个百分点，这种利率倒挂现象已凸显了长期限存款对银行而言的成本压力。无独有偶，内蒙古昆都仑蒙银村镇 银行最新的存款利率表中，五年期定存产品利率一栏已显示为空缺；湖北荆门农商银行也于近期下调利率，并取消了其特 色存款产品的五年期选项。 事实上，此类调整在民营银行中早已显现端倪。包括浙江网商银行、中信百信银行、安徽新安银行在内的多家民营银行， 已不再通过手机银行等渠道提供五年期定期存款产品，部分银行甚至下架了三年期产品。招联首席研究员董希淼指出，银 行压缩高成本长期存款的发行规模，核心目的在于降低负债成本，这在存款利率市场化改革的背景下，是商业银行相对灵 活的自主调节行为。 尽管目前下架长期限存款的情况主要集中在中小银行，但国有大行与股份制银行也在通过其他方式应对息差压力。记者走 访发现，虽然全国性银行的五年期定存产品仍在销售，但其收益率优势已大幅收窄。招商银行已暂停发行利率上浮的五年 ...

Core Viewpoint - The recent announcement by Tongyu Mengyin Village Bank regarding the adjustment of deposit interest rates indicates a potential shift in the banking industry towards reducing long-term deposit products, reflecting a broader trend in response to narrowing net interest margins [1][7]. Group 1: Deposit Rate Adjustments - Tongyu Mengyin Village Bank will cancel the 5-year fixed deposit product starting from November 5, 2025 [1]. - Many banks, including the six major state-owned banks, still offer 5-year fixed deposit products, suggesting that the trend may not be widespread yet [2]. - The availability of 5-year large certificates of deposit (CDs) has significantly decreased, indicating a shift in investor preferences and bank offerings [3][5]. Group 2: Market Demand and Supply - The demand for long-term deposit products, such as 5-year large CDs, has diminished compared to previous years when they were highly sought after [4]. - Currently, major banks do not offer 5-year large CDs, with the longest available term being 2 years at a low annualized interest rate of 1.40% [5]. Group 3: Banking Profitability and Strategy - The reduction in long-term deposit products and lower interest rates is primarily driven by banks' need to address the pressure from narrowing net interest margins [7]. - The traditional banking profit model of earning from interest rate spreads is evolving, with banks focusing on lower-cost funding and diversifying income sources through wealth management and intermediary services [7]. Group 4: Investment Strategies - Investors are encouraged to consider alternative investment products, such as savings-type insurance, and to adopt a tiered asset allocation strategy based on their risk tolerance and liquidity needs [8][9]. - Recommendations for investors include prioritizing short to medium-term deposits or government bonds, while also considering low-volatility financial products and equities for those with higher risk tolerance [9].

Core Viewpoint - The cancellation of the five-year fixed deposit product by the Inner Mongolia Tuyuqi Mengyin Village Bank has sparked market attention, indicating a potential trend in the banking industry as many private and internet banks are also phasing out long-term fixed deposits due to declining interest rates and the phenomenon of interest rate inversion [1][4][5]. Group 1: Industry Trends - The Tuyuqi Mengyin Village Bank is the first commercial bank to announce the cancellation of the five-year fixed deposit product, which is not an isolated case as other banks like the Kundu Lun Mengyin Village Bank have also stopped offering this product [4]. - Several private and internet banks, including Citic Baixin Bank and Zhongguancun Bank, have also removed five-year fixed deposits from their offerings, with Zhongguancun Bank additionally discontinuing three-year fixed deposits [4][5]. - The trend of phasing out five-year fixed deposits is attributed to banks' need to respond to narrowing net interest margins, as loan rates are decreasing faster than deposit rates, leading to higher costs for long-term deposits [4][6]. Group 2: Interest Rate Adjustments - The Tuyuqi Mengyin Village Bank has not only canceled the five-year fixed deposit but has also lowered interest rates for various term deposits, with the one-year deposit rate reduced to 1.45%, the two-year to 1.55%, and the three-year to 1.85% [4]. - Major banks, including the "Big Four" state-owned banks, have seen significant declines in deposit rates this year, with the one-year fixed deposit rate dropping to 0.95% and the three-year rate to 1.25% [5]. - The phenomenon of interest rate inversion is evident, with banks like China Construction Bank offering a three-year fixed deposit rate of 1.55%, while the five-year rate is only 1.3% [5]. Group 3: Implications for Banking Sector - The reduction in deposit rates is expected to alleviate banks' funding costs and may open up space for future reductions in the Loan Prime Rate (LPR), which could enhance borrowing willingness among residents and businesses [6]. - The adjustment in deposit rates may lead to a "migration" of deposits, potentially directing more capital into the capital markets [6].

Core Viewpoint - Recent adjustments in fixed deposit products by banks, particularly the cancellation of five-year fixed deposits by certain banks, highlight a broader trend of declining deposit rates among small and medium-sized banks in response to net interest margin pressures [1][5]. Summary by Category Deposit Rate Adjustments - The announcement from Tuyaqi Mengyin Village Bank and Kundu Lun Mengyin Village Bank indicates the cancellation of five-year fixed deposit options, marking them as the first commercial banks to do so [1]. - The adjusted deposit rates for various terms at Kundu Lun Mengyin Village Bank show a decrease in rates for three-month, six-month, one-year, two-year, and three-year deposits, with the five-year option being removed entirely [2][3]. Industry Trends - The trend of lowering deposit rates is not isolated, as numerous small and medium-sized banks, including Dalian Bank and Hubei Jingmen Rural Commercial Bank, have also reduced their deposit rates, with some products seeing declines exceeding 60 basis points [2]. - The phenomenon of "term inversion" in deposit rates is evident, where long-term deposit rates are lower than short-term rates, as seen with Xinjiang Manas Rural Commercial Bank's recent adjustments [5][6]. Strategic Responses - Banks are actively working to reduce liability costs to address the ongoing pressure on net interest margins, which have reached historical lows [5][7]. - The shift away from high-cost long-term liabilities has been observed, with major banks like China Construction Bank and others no longer offering five-year large denomination certificates of deposit [8][10]. Future Outlook - Analysts suggest that while commercial banks will continue to face pressure on interest income, the downward trend may ease due to factors such as improved capital market performance and the digital transformation of banks [11]. - The changing landscape of deposit rates necessitates a shift in investment strategies for ordinary depositors, encouraging diversification into lower-risk investment products [11].

Core Viewpoint - The article discusses the ongoing decline in deposit interest rates in China, highlighting the inversion of interest rates between different deposit terms and the implications for banks' funding strategies [4][5][8]. Deposit Rate Trends - As of September 2025, the average interest rates for various deposit terms are as follows: 3-month at 0.944%, 6-month at 1.147%, 1-year at 1.277%, 2-year at 1.367%, 3-year at 1.688%, and 5-year at 1.519% [6][8]. - The rates have shown a downward trend, with the 3-year rate being higher than the 5-year rate, indicating a persistent inversion in the interest rates [5][9]. Market Reactions and Expectations - The decline in deposit rates is anticipated by the market, primarily due to the continuous pressure on net interest margins, which have decreased from 1.52% at the end of last year to 1.42% by the end of the second quarter of this year [8][9]. - Analysts suggest that banks are likely to continue adjusting deposit rates downward to optimize their funding structures and manage the costs associated with long-term deposits [10]. Large Denomination Certificates of Deposit (CDs) - The interest rate advantage of large denomination CDs is diminishing, with average rates for various terms in September 2025 being: 3-month at 1.134%, 6-month at 1.318%, 1-year at 1.394%, 2-year at 1.356%, 3-year at 1.729%, and 5-year at 1.610% [12]. - The rates for one-year and longer-term large denomination CDs are becoming comparable to regular deposit rates, indicating a narrowing of the interest rate spread [12]. Structural Deposit Products - The average term for structured deposits has increased to 106 days, with an average expected middle yield of 1.59% and an expected maximum yield of 2.09% [13]. - Different types of banks show varying trends in structured deposit yields, with state-owned banks offering a higher average expected maximum yield compared to joint-stock banks [13][14]. Conclusion - The overall trend indicates a continued downward pressure on deposit rates, with banks likely to maintain a strategy of encouraging short-term deposits over long-term ones to manage their funding costs effectively [10][12].

Group 1 - The average deposit rates for various terms have continued to decline, with the 3-month rate at 0.944%, 6-month at 1.147%, 1-year at 1.277%, 2-year at 1.367%, 3-year at 1.688%, and 5-year at 1.519% as of September 2025 [1][2] - The decline in deposit rates is attributed to ongoing pressure on net interest margins, which have decreased from 1.52% at the end of last year to 1.42% by the end of the second quarter of this year [3] - The phenomenon of inverted yield curves between short-term and long-term deposit rates remains significant, with the 3-year average rate exceeding the 5-year rate [3][4] Group 2 - The average rates for large-denomination certificates of deposit (CDs) have also shown a mixed trend, with the 3-month rate at 1.134%, 6-month at 1.318%, and 1-year at 1.394% [5][6] - The average expected middle yield for structured deposits has decreased to 1.59%, while the average expected maximum yield has increased to 2.09% [6][7] - The average term for structured deposits has increased across different types of banks, with foreign banks showing the longest average term of 405 days [6][7]

Core Viewpoint - The article discusses the continuous decline in deposit interest rates in China, highlighting the pressure on net interest margins and the phenomenon of inverted interest rates between short-term and long-term deposits [1][4]. Deposit Interest Rates - As of September 2025, the average interest rates for various deposit terms are as follows: 3-month at 0.944%, 6-month at 1.147%, 1-year at 1.277%, 2-year at 1.367%, 3-year at 1.688%, and 5-year at 1.519% [1][2]. - Compared to the previous month, the rates have decreased slightly across all terms, with the 3-year term seeing a decline of 0.4 basis points [1][2]. Net Interest Margin Pressure - The net interest margin for commercial banks has been on a downward trend, recorded 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 decline in deposit rates is seen as a response to the ongoing pressure on net interest margins, with banks adjusting rates to manage costs associated with long-term deposits [4][5]. Inverted Interest Rates - The article notes a significant inversion in interest rates, where the average interest rate for 3-year deposits (1.688%) is higher than that for 5-year deposits (1.519%) [4][5]. - This inversion has been a recurring theme since 2024, indicating a shift in depositor behavior and banks' strategies to encourage shorter-term deposits [5]. Large Time Deposits - The interest rate advantage of large time deposits is diminishing, with average rates for various terms in September 2025 showing mixed changes [7]. - For instance, the 3-month large time deposit rate is at 1.134%, while the 1-year rate is at 1.394%, indicating a narrowing gap between large time deposits and regular deposits [7]. Structural Deposits - The average term for structured deposits has increased, with the average term for RMB structured deposits at 106 days, up 5 days from the previous month [8]. - The average expected middle yield for structured deposits is 1.59%, reflecting a slight decrease, while the average expected maximum yield is 2.09%, showing a small increase [8][9]. Conclusion - Overall, the article emphasizes the ongoing downward trend in deposit interest rates, the challenges posed by net interest margin pressures, and the implications of inverted interest rates on banking strategies [1][4][5].

Core Viewpoint - The average deposit rates in China continue to decline, with significant pressure on net interest margins, leading to a persistent inversion in long-term and short-term deposit rates [1][4][5]. Deposit Rate Trends - As of September 2025, the average deposit rates for various terms are as follows: 3-month at 0.944%, 6-month at 1.147%, 1-year at 1.277%, 2-year at 1.367%, 3-year at 1.688%, and 5-year at 1.519% [1][3]. - Compared to the previous month, the rates have decreased slightly across all terms, with the most significant drop being 0.4 basis points for the 3-year term [1][3]. Net Interest Margin Pressure - The net interest margin for commercial banks has been on a downward trend, recorded 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 continuous decline in deposit rates is attributed to the ongoing pressure on net interest margins, which has led banks to adjust their deposit pricing strategies [4][5]. Long-term vs Short-term Rate Inversion - A notable phenomenon is the inversion of average rates between 3-year and 5-year deposits, with the 3-year rate at 1.688% being higher than the 5-year rate at 1.519% [1][4]. - This inversion has been persistent since 2024, indicating a shift in depositor behavior towards shorter-term deposits [5]. Large-denomination Certificate of Deposit (CD) Trends - The average rates for large-denomination CDs have also shown mixed trends, with the 3-month rate at 1.134%, 6-month at 1.318%, and 1-year at 1.394% [6][7]. - The rate differences between large-denomination CDs and regular deposits are narrowing, particularly for terms longer than one year [7]. Structural Deposit Insights - The average term for structured deposits has increased to 106 days, with a slight decrease in average expected middle yield to 1.59% [7][8]. - Different types of banks show varying trends in structured deposit terms and yields, with foreign banks having the longest average term at 405 days and the highest expected yield at 4.35% [7][8].

Core Viewpoint - Multiple regional small and medium-sized banks in China have recently announced significant reductions in various deposit interest rates, indicating a trend to stabilize net interest margins amid a declining interest rate environment [1][2][5]. Group 1: Deposit Rate Adjustments - Pingyang Pudong Rural Bank announced a new round of deposit rate adjustments effective from October 21, with reductions of 40 to 80 basis points across various fixed-term deposit products [1]. - Shantou Bay Rural Commercial Bank also reduced its fixed-term deposit rates effective October 18, with annualized rates adjusted to between 0.95% and 1.80%, reflecting a decrease of 15 to 20 basis points [2][4]. - Other banks, including Jiangsu Su Commercial Bank and Shanghai Huari Bank, have also joined the trend of lowering deposit rates, with specific reductions planned for October 22 and October 13, respectively [5]. Group 2: Market Context and Implications - The recent adjustments in deposit rates are primarily driven by the decline in the Loan Prime Rate (LPR), with larger state-owned banks having already reduced their deposit rates [5]. - Analysts suggest that the ongoing pressure on net interest margins for small and medium-sized banks necessitates these rate cuts to manage liability costs effectively [6]. - The overall trend indicates that banks are likely to continue lowering deposit rates, which may provide room for future monetary easing and potentially lead to a 10 basis points rate cut in the fourth quarter [6].

Group 1 - A new round of deposit rate cuts has begun among regional small and medium-sized banks, with over 10 banks announcing reductions since October [1][4] - The largest cut observed was 80 basis points for certain term deposits, with specific banks like Pingyang Pudong Village Bank adjusting rates for various terms [1][4] - The adjustments primarily affect fixed-term deposits, with some banks also reducing rates for demand deposits and agreement deposits [2][4] Group 2 - The recent cuts in deposit rates are directly linked to the previous reductions in the Loan Prime Rate (LPR) by major state-owned banks, indicating a follow-up action by smaller banks [5] - Analysts suggest that the ongoing decline in loan rates necessitates adjustments in the asset-liability structure of small banks to manage net interest margin pressures [5] - Future expectations indicate that deposit rates may continue to decline, potentially easing the pressure on banks' net interest margins and paving the way for monetary easing [5]