本报北京11月13日电 （记者吴秋余）中国人民银行发布的最新数据显示：今年以来，我国社会融资成 本持续下降，贷款利率保持在低位水平，10月份企业新发放贷款（本外币）加权平均利率为3.1%，比 上年同期低约40个基点；个人住房新发放贷款（本外币）加权平均利率为3.1%，比上年同期低约8个基 点。 《 人民日报 》（ 2025年11月14日 07 版） 今年以来，中国人民银行综合运用数量、价格、结构等多种货币政策工具，持续健全市场化的利率调控 框架，强化利率政策执行，有效发挥市场利率定价自律机制作用，带动存贷款利率下行，推动社会综合 融资成本下降，为经济回升向好和金融市场稳定运行创造了适宜的货币金融环境。 (责编：赵欣悦、袁勃) 关注公众号：人民网财经 随着明示企业贷款综合融资成本工作进一步推广，企业融资成本更加阳光透明，小微企业综合融资成本 下降。山东烟台某物流公司因扩大业务规模，需要申请500万元贷款，填写贷款综合融资成本清单后， 评估费、抵押登记费、保险费等费用共计1420元均由银行承担，企业无须支付任何附加费用，贷款综合 融资成本较之前询价结果低0.4个百分点。 与此同时，随着消费贷贴息等政策落地见效，个 ...

Core Viewpoint - The article discusses the decline in interest rates for bank deposits in China, highlighting the challenges faced by ordinary citizens in asset allocation as banks begin to phase out high-interest deposit products starting in 2025 [1][4][5]. Summary by Sections Deposit Rate Changes - As of September 2025, the average interest rate for fixed-term deposits across over 400 banks in China has decreased by 0.32 percentage points since the beginning of the year, reaching a five-year low [3]. - The People's Bank of China reported that the total RMB deposits in financial institutions reached 285.6 trillion yuan, with a year-on-year growth of 9.3%, but the growth rate has slowed by 0.5 percentage points compared to the previous year [1]. Types of Deposit Products Being Phased Out - "Tiered interest" deposit products, which adjust rates based on central bank interest rate changes, are being reduced from over 20 banks in 2024 to only 8 by September 2025 [4]. - "Step-up" high-interest deposits, which offer increasing rates over time, are also being discontinued, with one bank halting its "Step Up" product in May 2025 [4]. - Exclusive high-interest deposits targeting specific groups, such as the elderly or military personnel, are being eliminated, with over 30 banks already canceling such offerings in 2025 [4]. Reasons for Changes - Banks are halting high-interest deposits to manage funding costs more effectively as interest rate liberalization progresses, which is crucial for maintaining profitability amid rising non-performing loan pressures [5]. - The average net interest margin for commercial banks fell to 1.76% in the first half of 2025, down 0.25 percentage points from 2023, indicating challenges in profitability [6]. - Regulatory measures have been introduced to curb excessive high-interest deposit competition, which poses systemic risks to the financial market [6]. Investment Strategies - Diversification is emphasized as a key strategy in the current low-interest environment, suggesting a balanced allocation among various financial instruments such as savings, government bonds, and low-risk investment products [7]. - The average yield for fixed-income investment products was reported at 3.2% in Q3 2025, which remains competitive compared to traditional deposits [8]. - Caution is advised regarding high-interest deposit products that may have hidden conditions or penalties for early withdrawal, as these can diminish actual returns [8][11]. Long-term Financial Management - The article suggests that individuals should adapt to a prolonged low-interest rate environment by enhancing financial literacy and exploring diverse investment options beyond traditional bank deposits [12]. - For risk-averse individuals, government-supported retirement financial products are recommended, while those with higher risk tolerance may consider equity investments like index funds for potentially better long-term returns [11][12].

Core Viewpoint - The People's Bank of China emphasizes the need for a moderately loose monetary policy to support high-quality economic development and create a favorable financial environment for economic recovery [1] Monetary Policy - The monetary policy has been appropriately loosened this year, with increased macroeconomic regulation efforts [1] - Various monetary policy tools are being utilized to strengthen counter-cyclical adjustments [1] - The effectiveness of the loan market quotation rate reform continues to be released, enhancing the efficiency of monetary policy transmission [1] Financial Environment - Social financing costs are at historically low levels, indicating a supportive environment for businesses [1] - The foreign exchange market is generally balanced, with a stable current account surplus and sufficient foreign exchange reserves [1] - The RMB exchange rate remains stable at a reasonable equilibrium level, with two-way fluctuations [1] Market Stability - Overall, the financial market operates smoothly, reflecting the effectiveness of the current monetary policy measures [1]

Group 1: Core View - After the Politburo meeting, macro - policies continue to exert force, and Treasury bond futures may fluctuate and consolidate in the short term [3] Group 2: Factors Affecting the Bond Market Bullish Factors - The Politburo meeting set the tone for a moderately loose monetary policy, promoting a decline in social financing costs and supporting the bond market sentiment [3] - After the Politburo meeting, the anti - involution statement was mild, and no unexpected growth - stabilizing policies were introduced. The end of negative news promoted market improvement [3] Bearish Factors - The anti - involution policy on the supply side boosts the inflation expectation of industrial products, short - term suppressing the bond market sentiment and causing the yield to rise [3] - Policy expectations and risk sentiment dominate the market. The bond market has fallen sharply since early July, and the long - term Treasury bond yield is close to 1.75% [3] Group 3: Data Presented Treasury Bond Yields - Data on 2Y, 5Y, 10Y, 30Y, and 7Y Treasury bond yields from 2024/04 to 2025/04 are presented [4] Funding Rates - Data on deposit - type institutional pledged repurchase weighted average rates (1 - day, 7 - day) and 7 - day reverse repurchase rates from 2023/08 to 2025/04 are shown [4] Treasury Bond Term Spreads - Data on 7Y - 2Y and 30Y - 7Y Treasury bond term spreads from 2024/04 to 2025/04 are presented [5] Treasury Bond Futures Positions and Trading Volumes - Positions and trading volumes of 2 - year, 5 - year, 10 - year, and 30 - year Treasury bond futures are presented with different time intervals [7][8] Treasury Bond Futures Basis - Data on the basis of the current - quarter contracts of 2 - year, 5 - year, 10 - year, and 30 - year Treasury bond futures are presented with different time intervals [9][10][11][13] Treasury Bond Futures Inter - period Spreads - Data on the inter - period spreads (current - quarter minus next - quarter) of 2 - year, 5 - year, 10 - year, and 30 - year Treasury bond futures are presented with different time intervals [15][17][18][19] Treasury Bond Futures Cross - variety Spreads - Data on TS*4 - T and T*3 - TL cross - variety spreads are presented with different time intervals [20][21]

Core Viewpoint - The People's Bank of China (PBOC) has lowered the Loan Prime Rate (LPR) by 10 basis points, with the 1-year LPR at 3.0% and the 5-year LPR at 3.5%, which is expected to reduce financing costs for the real economy and homebuyers [1][3]. Group 1: Interest Rate Changes - The PBOC announced a policy interest rate cut of 0.1 percentage points, which is anticipated to lead to a similar decrease in the LPR [1]. - The 7-day reverse repurchase rate was reduced from 1.5% to 1.4%, aligning with market expectations for the LPR to decline [1]. - The average interest rate for newly issued corporate loans in April was approximately 3.2%, down about 4 basis points from the previous month and 50 basis points year-on-year [1]. Group 2: Impact on Financing Costs - The reduction in LPR is expected to effectively lower the comprehensive financing costs for the real economy and the costs for homebuyers [1]. - For a mortgage of 1 million yuan over 30 years, the recent LPR decrease could reduce the total repayment amount by approximately 19,000 yuan [1]. Group 3: Bank Responses - Commercial banks, including China Construction Bank and China Merchants Bank, have begun to lower deposit rates, with the 1-year fixed deposit rate now at 0.95% [2][3]. - The simultaneous decline of LPR and deposit rates is seen as beneficial for maintaining the stability of banks' net interest margins while effectively reducing financing costs for the economy [3].