5月20日，工商银行、农业银行、中国银行、建设银行、交通银行均发布消息，下调人民币存款利率， 最大降幅25个基点。其中，活期存款利率下调5个基点至0.05%；定期整存整取三个月期、半年期、一 年期、二年期均下调15个基点，分别为0.65%、0.85%、0.95%、1.05%；定期整存整取三年期和五年期 均下调25个基点，分别至1.25%和1.30%；定期零存整取、整存零取、存本取息一年期、三年期、五年 期均下跌15个基点，分别为0.65%、0.85%、0.85%；协定存款利率下调10个基点至0.10%；7天期通知存 款利率下调15个基点至0.3%。 当日，邮储银行也对多个期限的人民币存款利率进行了下调。其中，活期存款利率下调5个基点至 0.05%；定期整存整取三个月期、半年期、一年期、二年期均下调15个基点，分别为0.65%、0.86%、 0.98%、1.05%；定期整存整取三年期和五年期均下调25个基点，分别至1.25%和1.30%；定期零存整 取、整存零取、存本取息一年期、三年期、五年期均下跌15个基点，分别为0.65%、0.86%、0.86%；协 定存款利率下调10个基点至0.10%；7天期通知存款利率 ...

5月20日，工商银行、建设银行、中国银行、农业银行、交通银行、邮储银行六家国有大行及股份行中的招商银行均 于官网发布关于调整人民币存款挂牌利率的公告，自2025年5月20日起调整人民币存款挂牌利率。 其中，六大行及招商银行活期存款利率均由0.1%调整为0.05%，下调5个基点。工商银行、建设银行、中国银行、农业 银行、交通银行及招商银行整存整取定期存款三个月、六个月、一年期、二年期均由0.8%、1%、1.1%、1.2%调整为 0.65%、0.85%、0.95%、1.05%，均下调15个基点，三年期、五年期由1.5%、1.55%调整为1.25%、1.30%，均下调25个 基点。 邮储银行六个月、一年期整存整取挂牌利率与其他五大行不同，分别由1.01%、1.13%降至0.86%、0.98%，零存整取、 整存零取、存本取息三年、五年期也由1.01%调整为0.86%，均下调了15个基点，其他各期限存款利率及调整幅度均与 另外五家大行保持一致。 （工商银行、建设银行、中国银行、农业银行、交通银行、邮储银行、招商银行官网） 另外，零存整取、整存零取、存本取息一年、三年、五年期均由0.8%、1%、1%调整为0.65%、0. ...

工商银行、中国银行、建设银行、农业银行、邮储银行、交通银行下调人民币存款利率。 5月20日，工商银行、中国银行、建设银行、农业银行、邮储银行、交通银行下调人民币存款利率，一年期定期存款利率下破1%。 工商银行下调人民币存款利率，其中活期利率下调5个基点至0.05%；定期整存整取三个月期、半年期、一年期、二年期均下调15个基点，分别为0.65%、 0.85%、0.95%、1.05%；三年期和五年期均下调25个基点，分别至1.25%和1.3%。定期零存整取、整存零取、存本取息三种期限均下调15个基点。7天期通知 存款利率下调15个基点至0.3%。 | nar and | -- | | --- | --- | | 项目 | 年利率% | | -、城乡居民及单位存款 | | | (一)活期 | 0. 05 | | (二)定期 | | | 1. 整存整取 | | | 三个月 | 0. 65 | | キ年 | 0. 85 | | 一年 | 0. 95 | | 二年 | 1. 05 | | 三年 | 1. 25 | | 五年 | 1. 3 | | 2. 零存整取、整存零取、存本取息 | | | 一年 | 0. 65 | | ...

国有六大行均官宣降低存款利率 金十数据5月20日讯，国有六大行——工商银行、农业银行、中国银行、建设银行、邮储银行和交通银 行均已在今日相继宣布降低多个期限的人民币存款利率，其中三年期和五年期均下调25个基点，分别至 1.25%和1.3%。 ...

④中国建设银行于5月20日下调了人民币存款利率，其中活期利率下调5个基点至0.05%；定期整存整取 三个月期、半年期、一年期、二年期均下调15个基点，分别为0.65%、0.85%、0.95%、1.05%；三年期 和五年期均下调25个基点，分别至1.25%和1.3%。定期零存整取、整存零取、存本取息三种期限均下跌 15个基点。7天期通知存款利率下调15个基点至0.3%。 ⑤招商银行下调人民币存款利率，其中活期利率下调5个基点至0.05%；定期整存整取三个月期、半年 期、一年期、二年期均下调15个基点，分别为0.65%、0.85%、0.95%、1.05%；定期整存整取三年期和 五年期均下调25个基点，分别至1.25%和1.3%。定期零存整取、整存零取、存本取息三种期限均下跌15 个基点。7天期通知存款利率下调15个基点至0.3%。 国有四大行今日均官宣下调存款利率 活期利率下调5个基点至0.05% ②农业银行于5月20日下调人民币存款利率，其中活期利率下调5个基点至0.05%；定期整存整取三个月 期、半年期、一年期、二年期均下调15个基点，分别为0.65%、0.85%、0.95%、1.05%；三年期和五年 期均下 ...

Core Viewpoint - The scale of bank wealth management is expected to reach 33 trillion yuan this year, driven by a new round of deposit rate cuts that will help banks control interest costs while increasing the difficulty of attracting deposits [1] Group 1 - The anticipated deposit rate cuts are expected to benefit banks by reducing their interest expenses [1] - The difficulty in attracting deposits may lead to an increase in funds flowing into low-risk asset management products such as bank wealth management [1]

5月20日起，多家国有大行及部分股份行再度下调人民币存款挂牌利率，此次调整涉及活期存款、定期存款和通知存款等多种产品类型。 中国建设银行于5月20日下调了人民币存款利率，其中活期利率下调5个基点至0.05%；定期整存整取三个月期、半年期、一年期、二年期均下调15个基点， 分别为0.65%、0.85%、0.95%、1.05%；三年期和五年期均下调25个基点，分别至1.25%和1.3%。定期零存整取、整存零取、存本取息三种期限均下跌15个基 点。7天期通知存款利率下调15个基点至0.3%。 招商银行下调人民币存款利率，其中活期利率下调5个基点至0.05%；定期整存整取三个月期、半年期、一年期、二年期均下调15个基点，分别为0.65%、 0.85%、0.95%、1.05%；定期整存整取三年期和五年期均下调25个基点，分别至1.25%和1.3%。定期零存整取、整存零取、存本取息三种期限均下跌15个基 点。7天期通知存款利率下调15个基点至0.3%。 此次存款利率下调在预期之中。5月7日，人民银行行长潘功胜在国新办新闻发布会上宣布下调政策利率0.1个百分点，经过市场化利率传导，预计将带动贷 款市场报价利率（LPR）随之 ...

Core Viewpoint - Major state-owned banks in China have begun to lower deposit interest rates, marking the first round of rate cuts for the year, with specific reductions in various term deposits [1][2]. Group 1: Interest Rate Adjustments - The three-year and five-year deposit rates have been reduced by 25 basis points, while the rates for three-month, six-month, one-year, and two-year deposits have been lowered by 15 basis points. The interest rate for demand deposits has decreased by 5 basis points [1][2]. - For example, a deposit of 200,000 yuan for three years will yield 1,500 yuan less in interest due to the 25 basis point cut [1]. Group 2: Comparison with Previous Rate Cuts - In 2024, there have been two previous rounds of deposit rate cuts on July 25 and October 18. The current round's reductions are smaller compared to the last round, where all term deposits experienced a 25 basis point cut [2]. Group 3: Market Expectations and Reactions - The recent deposit rate cuts were anticipated following the People's Bank of China's (PBOC) recent monetary policy adjustments, including a reduction in the 7-day reverse repurchase rate from 1.50% to 1.40% [3]. - The PBOC's governor indicated that market-driven interest rate adjustments are expected to lead to a corresponding decrease in the Loan Prime Rate (LPR) by approximately 0.1 percentage points [3]. Group 4: Anticipated Actions from Other Banks - Following the lead of state-owned banks, national joint-stock banks are expected to follow suit in adjusting their deposit rates shortly [4]. - Smaller banks have already begun to lower their deposit rates, with specific examples including Guangdong Huaxing Bank reducing its five-year large denomination certificate of deposit rate from 2.5% to 2.35% [4].

Core Viewpoint - China Merchants Bank has updated its savings deposit interest rates, effective from May 20, 2025, with notable reductions in various terms [2][5]. Group 1: Interest Rate Adjustments - The bank has lowered the interest rate for demand deposits from 0.1% to 0.05% [5]. - The interest rates for fixed-term deposits have also been reduced, with the three-month rate at 0.65%, six-month at 0.85%, one-year at 0.95%, and two-year at 1.05%, each down by 15 basis points [5]. - The three-year and five-year fixed-term deposit rates are now at 1.25% and 1.3%, respectively, down by 25 basis points [5]. Group 2: Market Expectations - The market had anticipated this adjustment following the People's Bank of China's announcement to guide commercial banks in lowering deposit rates [6]. - The central bank also reduced the policy rate by 0.1 percentage points, which is expected to lead to a similar decrease in the Loan Prime Rate (LPR) [6]. Group 3: Historical Context and Trends - Historically, major banks have collectively adjusted their deposit rates, with smaller banks following suit shortly after [7]. - The chief economist at CITIC Securities noted that the market may see another round of deposit rate adjustments in the second and third quarters of this year, based on past patterns [7]. - Three key trends in deposit rate cuts were identified: major banks lead the way, the time intervals between cuts range from 3 to 9 months, and banks may use various methods to control deposit rates beyond direct adjustments [7].

Core Viewpoint - Financial institutions are adjusting the performance benchmarks of wealth management products in response to the recent interest rate cuts by the People's Bank of China, although the adjustments do not fully reflect the actual decline in underlying asset yields [1][2][3]. Group 1: Adjustments in Performance Benchmarks - Institutions such as Xingyin Wealth Management and Minsheng Wealth Management have lowered the performance benchmarks of several wealth management products, with some upper limits reduced by up to 155 basis points and lower limits by up to 60 basis points [2]. - For instance, Xingyin Wealth Management's product benchmark was adjusted from 2.05%-2.75% to 2.00%-2.70%, effective from May 14 [2]. - Minsheng Wealth Management also reduced its product benchmark from 3.1%-4.0% to 2.6%-3.1%, effective from May 13 [2]. Group 2: Market Response and Asset Allocation - The decline in performance benchmarks is seen as a normal adjustment to align with the downward trend in market interest rates [2][3]. - Financial institutions are encouraged to optimize their asset allocation structures to cope with performance pressures resulting from the declining yields of underlying assets [3][4]. - The supply-demand gap for low-risk, high-yield quality assets may further widen, as banks control deposit rates and guide costs downwards [4]. Group 3: Market Trends and Predictions - The recent interest rate cuts are expected to lead to a new wave of collective rate reductions by banks, potentially increasing the scale of wealth management products to historical highs, possibly exceeding 33 trillion yuan [6]. - In April, the scale of wealth management products increased by 2.1 trillion yuan, reaching 31.3 trillion yuan, surpassing previous levels [6]. - There is a growing preference for "fixed income plus" wealth management products, which are expected to continue expanding in market share due to their risk diversification capabilities [7].