本报记者 熊 悦 5月份降准降息落地后，国有大行和全国性股份制商业银行等主要商业银行均已完成新一轮存款利率调 降，一年期定期存款利率普遍降至1%以下。近日，城商行、农商行等中小银行也纷纷跟进，一年期至 五年期定期存款利率普遍为"1字头"，优势已不再明显。 记者采访了解到，存款利率调降后，部分储户将存款资金转移至银行理财、货币基金、债券基金、增额 终身寿险、年金险等资管产品，以期获取更高的收益率。 "现在的存款利息太低了。三年期定存利率比几年前的一年期定存利率还低。"上班族晓华（化名）告诉 《证券日报》记者，自己最近在看一些低波稳健的银行理财产品，为了获取相对较高的收益率，也愿意 承担相应的风险。 "最近，一些稳健型客户换买增额终身寿险和年金险，可以接受低风险波动的客户选择购买银行理财、 货币基金或债券基金，风险偏好较高的客户通常购买混合型基金或股票型基金。"某国有大行客户经理 告诉《证券日报》记者。 某全国性股份制银行客户经理则向记者推荐了某人寿保险产品作为长期限定期存款产品替代。"目前这 款产品折合年化收益率为2.7%。近日这款产品的额度消耗得很快，预计到本月底就没有额度了。"该客 户经理表示。 另据Win ...

Core Viewpoint - The banking sector is facing significant liquidity pressure in June, with over 4 trillion yuan of interbank certificates of deposit maturing, alongside high net financing of government bonds, which poses challenges for banks' liability stability and liquidity management [1][2]. Group 1: Banking Sector Challenges - In June, the stability and liquidity management pressure of banks' liabilities have significantly increased due to the maturity of over 4 trillion yuan in interbank certificates of deposit and high net financing of government bonds [1][2]. - The recent reduction in deposit rates by major banks, ranging from 5 to 25 basis points, is expected to alleviate the pricing pressure on loan market rates but may challenge banks' ability to attract deposits, potentially weakening liability stability [1][2]. - Analysts indicate that the demand for liquidity among banks is becoming increasingly urgent, necessitating support from regulatory authorities, particularly the central bank, to provide adequate liquidity through monetary policy tools [1][2]. Group 2: Liquidity Management and Market Response - Despite the pressure on banks' liabilities, the central bank's actions, including increased reverse repos and stabilizing market expectations, have contributed to a slowdown in the upward trend of deposit rates, leading to an initial easing of liquidity tension [2][3]. - The central bank's proactive measures, such as announcing a 1 trillion yuan buyout reverse repo in advance, aim to counteract market sentiment related to the maturity of interbank certificates of deposit and prevent excessive tightening of liquidity [3]. - As of June 11, the weighted average rate of DR007 improved to 1.53%, down from approximately 1.6% at the end of May, indicating a marginal easing of banks' liability pressure under the central bank's liquidity support [3]. Group 3: Future Outlook - Industry experts anticipate that the liquidity environment in June will maintain a "steady yet disturbed" pattern, despite uncertainties from government bond issuances and tax payments [3][4]. - The central bank's approach to liquidity management is expected to focus on "smoothing disturbances," with operations aimed at maintaining a stable liquidity environment [4]. - Overall, the liquidity situation is projected to remain reasonably ample, with funding rates expected to fluctuate within a narrow range above policy rates [4].

Group 1 - Major commercial banks have lowered deposit rates, with one-year fixed deposit rates generally falling below 1% [1] - Smaller banks, such as city commercial banks and rural commercial banks, have also followed suit, with one to five-year fixed deposit rates now commonly in the "1" range, diminishing their competitive advantage [1] - Customers are shifting their funds from deposits to wealth management products, money market funds, bond funds, and insurance products to seek higher returns [1] Group 2 - The issuance rates of interbank certificates of deposit have recently increased, indicating a short-term rise in funding costs for banks [2] - The overall pressure on bank liabilities is attributed to declining deposit stability and increased reliance on active liabilities, compounded by the inability of loose monetary policy to fully offset funding demand [2] - Analysts predict that the long-term downward trend in deposit rates will continue, necessitating banks to enhance their active liability capabilities and manage high-cost deposits [2][3] Group 3 - Several listed banks are focusing on controlling liability costs, with strategies including optimizing deposit management and expanding demand for current deposits [3] - Banks are also planning to issue bonds and interbank certificates of deposit strategically when market interest rates are low to manage refinancing pressures [3] - The supply pressure of interbank certificates of deposit may not be sustainable in the medium to long term due to a lack of willingness among banks to actively expand their liability scale [3]