Core Insights - The Chinese banking industry is entering a "low interest rate normalization" era as the four major state-owned banks announce adjustments to deposit rates effective July 1, 2025, following three interest rate cuts in 2024 [1] - The rate adjustments are characterized by structural differentiation, with significant cuts to demand deposit rates and a more moderate decline in medium to long-term deposit rates [1][3] Group 1: Interest Rate Adjustments - The four major banks have reduced the demand deposit rate to 0.05%, a 50% decrease from 2024 levels, resulting in minimal interest income for depositors [1] - For a one-year term deposit, the interest rate has narrowed to 0.95%, indicating a downward trend that requires investors to pay closer attention to specific bank rates for better returns [3]