Core Viewpoint - The Federal Reserve's recent interest rate cut has prompted banks to adjust their USD deposit rates, with foreign banks leading the changes while many domestic banks have yet to respond [1][8]. Summary by Sections Foreign Banks' Adjustments - Several foreign banks have lowered their USD deposit rates following the Fed's rate cut, with HSBC reducing rates by 10 to 20 basis points for various terms [2][3]. - As of September 22, HSBC's new rates for new funds include 3.5% for 1-month, 3-month, and 6-month deposits, and 3.05% for 12-month deposits, with previous rates being higher [2]. - DBS Bank has also adjusted its rates, with current rates for general accounts at 3.1% for 1-month and 2.9% for 1-year deposits, reflecting a decrease from earlier in the month [3]. Domestic Banks' Rates - Most domestic banks have not yet adjusted their USD deposit rates, maintaining a maximum rate of 2.8% for 1-year deposits [6][7]. - State-owned banks like Bank of Communications and China Construction Bank offer similar rates, with 1-month deposits at 2.2% and 1-year deposits at 2.8% [6]. - Some city commercial banks, such as Beijing Bank, offer more competitive rates, with 1-year deposits at 3% [7]. Market Dynamics - The differing responses to the Fed's rate cut among banks are attributed to variations in their funding structures, cost of capital, and market positioning [8]. - Analysts suggest that foreign banks are more responsive to international market changes and Fed policies, while domestic banks may take a more cautious approach [8]. Current Market Conditions - Despite the recent adjustments, many banks' USD deposit rates remain higher than their RMB counterparts, attracting depositors [9].

Core Viewpoint - The Federal Reserve announced its first interest rate cut since December 2024, lowering rates by 25 basis points, prompting renewed focus on various dollar-denominated assets [1] Summary by Sections Interest Rate Adjustments - Several foreign banks have adjusted their dollar deposit rates following the Fed's rate cut, with HSBC reducing rates by 10 to 20 basis points for new funds on September 22 [1][2] - DBS Bank has lowered its dollar deposit rates twice in September, with current rates for various terms being 3.1% for 1 month and 2.9% for 1 year [3] - East Asia Bank has also reduced its dollar deposit rates, offering competitive rates for new customers [4] Comparison of Foreign and Domestic Banks - Foreign banks generally offer higher dollar deposit rates compared to major domestic banks, which have not yet adjusted their rates significantly [1][6] - Major state-owned banks have a maximum rate of 2.8% for 1-year dollar deposits, while some city commercial banks offer more attractive rates, such as 3.8% for 3-month deposits [6][7] Market Reactions and Future Expectations - The market had anticipated the Fed's rate cut, leading some foreign banks to preemptively adjust their rates [2][8] - Analysts suggest that banks adjust rates based on various factors, including the Fed's policies and market conditions, with foreign banks being more responsive to international financial market changes [8] Customer Considerations - Customers are advised to consider factors such as exchange rate fluctuations, potential interest rate declines, and opportunity costs when choosing dollar deposits [9]

Core Viewpoint - The Federal Reserve has restarted interest rate cuts after nine months, prompting a reevaluation of dollar deposit rates across various banks, with foreign banks adjusting their rates more frequently than domestic banks [1][12]. Group 1: Foreign Banks' Dollar Deposit Rates - Several foreign banks have lowered their dollar deposit rates following the Fed's rate cut, with HSBC adjusting rates on September 22, 2023, for new funds: 1-month, 3-month, and 6-month rates at 3.5%, and 12-month at 3.05% for a minimum deposit of $20,000 [2][3]. - DBS Bank has also reduced its dollar deposit rates twice in September, with current rates for general accounts at 1-month 3.1%, 3-month 3.3%, and 1-year 2.9% [4][6]. - East Asia Bank offers promotional rates for new customers, with 1-month and 3-month rates at 3.15% and 3.55%, respectively, for deposits between $10,000 and $50,000 [7]. Group 2: Domestic Banks' Dollar Deposit Rates - Most domestic banks have not adjusted their dollar deposit rates, with state-owned banks offering a maximum rate of 2.8% for 1-year deposits, with minimum deposit amounts varying [8][10]. - For example, Bank of Communications and China Construction Bank both offer 1-month rates at 2.2% and 1-year rates at 2.8% for a minimum deposit of $5,000 [10][11]. - Some smaller banks, like Beijing Bank, offer more attractive rates, with 6-month rates at 2.7% and 1-year rates at 3% for a minimum deposit of $5,000 [11]. Group 3: Market Dynamics and Future Expectations - The adjustments in dollar deposit rates reflect banks' responses to market fluctuations and the Fed's monetary policy, with foreign banks typically more responsive to international market changes [12]. - Analysts suggest that the current dollar deposit rates remain higher than equivalent RMB deposit rates, attracting more savers, but caution that future rate cuts may occur as the Fed continues its easing cycle [13].

Core Viewpoint - The Federal Reserve has restarted interest rate cuts after nine months, prompting a reevaluation of dollar deposit rates across various banks, with foreign banks adjusting their rates more frequently than domestic banks [1][12]. Group 1: Foreign Bank Adjustments - Several foreign banks have lowered their dollar deposit rates, with HSBC adjusting rates on September 22, 2023, for new funds, with 1-month and 6-month rates down by 10 and 20 basis points respectively [2][3]. - HSBC's new rates for new funds starting from $20,000 are 1-month at 3.5%, 3-month at 3.5%, 6-month at 3.5%, and 12-month at 3.05% [2][3]. - DBS Bank has also reduced its dollar deposit rates twice in September, with current rates for 1-month at 3.1% and 1-year at 2.9% [4][6]. Group 2: Domestic Bank Stability - Most domestic banks have not adjusted their dollar deposit rates, with major state-owned banks offering a maximum rate of 2.8% for 1-year deposits [8][10]. - The rates for major domestic banks like Bank of Communications and China Construction Bank are consistent, with 1-month at 2.2% and 3-month at 2.3% [10][11]. - Some smaller banks, such as Beijing Bank and Blue Ocean Bank, offer more attractive rates, with Blue Ocean Bank providing 3-month rates at 3.8% [11]. Group 3: Market Dynamics and Future Expectations - The adjustments in deposit rates are influenced by various factors including the Federal Reserve's policies, market liquidity, and competitive positioning among banks [12]. - Analysts expect further rate cuts from the Federal Reserve, which may lead to additional adjustments in bank deposit rates [12][13]. - The current dollar deposit rates remain higher than corresponding RMB deposit rates, attracting more savers to dollar deposits [13].

Core Viewpoint - The Federal Reserve has restarted interest rate cuts after nine months, prompting a renewed focus on various dollar-denominated assets, particularly dollar deposits at banks [1]. Group 1: Interest Rate Adjustments - Several foreign banks have adjusted their dollar deposit rates following the Fed's rate cut, with HSBC lowering rates by 10 to 20 basis points on September 22 [2][3]. - HSBC's new rates for new funds starting from $20,000 are 3.5% for 1-month, 3-month, and 6-month deposits, and 3.05% for 12-month deposits, reflecting a decrease from previous rates [2][3]. - DBS Bank has also reduced its dollar deposit rates twice in September, with current rates for general accounts at 3.1% for 1-month and 2.9% for 1-year deposits [4][5]. Group 2: Comparison of Rates - Foreign banks generally offer higher dollar deposit rates compared to major domestic banks, which have not yet adjusted their rates significantly [1][9]. - Major state-owned banks have a maximum rate of 2.8% for 1-year dollar deposits, while some city commercial banks and private banks offer more attractive rates, such as 3.8% for 3-month deposits at Blue Ocean Bank [9][12]. Group 3: Market Reactions and Future Expectations - The adjustments in dollar deposit rates are influenced by the Fed's monetary policy, with expectations of further rate cuts in the near future [13]. - Banks are expected to continue monitoring market conditions and may adjust rates accordingly, with some banks indicating potential further reductions in October [8][9].

美联储日前宣布将联邦基金利率目标区间下调25个基点，为2024年12月以来首次降息。记者9月22日走 访北京地区多家银行网点发现，部分美元存款利率仍维持在3%及以上，暂未下调，但多家银行的客户 经理表示，降息"可能很快到来"。与此同时，不同银行美元存款利率结构出现分化：有的是"期限越 长，利率越高"，有的则是"期限越短，利率越高"。业内人士认为，美元存款利率结构在一定程度上反 映出银行对美联储调息的预期。随着年内美联储将再降息50个基点的预期升温，银行的美元存款利率结 构可能发生调整。（中证报） ...