一向被称为"存款利率高地"的中小银行，在今年上半年密集调降存款利率之下，利率优势正逐步丧失。 其中，民营银行、村镇银行成为上半年调降存款利率的"主力"。今年上半年，有超过半数的民营银行宣 布下调存款利率，有民营银行半年内下调利率频次达到了5次，另有村镇银行部分期限存款调降后的利 率一度低于国有大行、股份行。 与此同时，陆续有民营银行开始"清退"高息存款、高息续存产品。与去年安徽新安银行、辽宁振兴银行 存款利率调整之时储户的较大反响不同，如今不少储户虽对相关举措心有不满，但表示已经"见怪不怪 了"。 有民营银行利率半年降了130BP "现在还有什么高息存款吗？"今年上半年，在社交平台和存款交流群里，不时有储户提出这样的问题。 然而，与前几年中小银行，尤其是民营银行有很多"高息存款产品"待选不同，今年让储户们满意的选择 似乎越来越少了。 今年上半年，银行存款利率持续调降，其中国有大行、股份行在5月份又迎来一轮"降息潮"，调降后， 国有大行活期存款年利率多数降至0.05%；定期存款一年期、二年期、三年期、五年期调整后利率分别 下调至0.95%、1.05%、1.25%、1.30%。 而与此前中小银行调降幅度相对较低、 ...

美国财政部拍卖580亿美元三年期国债，得标利率3.891%，投标倍数2.51。 ...

周二，澳洲联储出人意料地将利率维持在3.85%不变，该央行表示，在美国的关税计划给全球带来不确定性之际，将对政策采取观望态度。 澳洲联储委员会在一份声明中说： "委员会判断可以等待更多一点的信息，以确认通胀仍处于可持续地达到2.5%的轨道上，如果国际动态对澳大利亚的经济活动和通胀产生实质性 影响，货币政策已处于有利位置，可以做出果断回应。" 澳洲联储主席布洛克将在晚些时候举行新闻发布会。 澳洲联储的暂停正值全球各央行在政策上出现分歧之际。美联储在2025年上半年一直按兵不动，而欧洲央行、加拿大央行和英国央行近几个月都已放松了货 币政策。 澳洲联储在其当前的宽松周期中已降息两次，鉴于劳动力市场的紧张和生产率增长的乏力，经济学家们一直在辩论该央行可能还有多大的进一步宽松空间。 利率决议公布后，澳元应声飙升，而对政策敏感的三年期政府债券收益率则攀升5个基点至3.42%。货币市场此前一直押注现金利率到2026年2月将跌破3%。 经济学家们曾预计澳洲联储今年还会有两次降息，使现金利率达到3.35%，之后将进入一个延长的暂停期。 自澳洲联储5月19-20日的会议以来，数据显示澳大利亚月度通胀已放缓至接近该行2-3%区间的 ...

毕马威首席经济学家Brendan Rynne表示："今日数据显示澳大利亚经济持续呈现通缩趋势。这将为澳联 储下次会议提供降息底气，因为他们知道，即便降息，也将处于稳定的通胀环境中。" 上月，澳洲联储已率先降息25个基点至3.85%，为年内第二次放松政策。政策制定者认为，物价压力再 度飙升的风险已减弱。行长米歇尔·布洛克在降息后暗示，在贸易动荡与地缘冲突加剧的背景下，政策 天平正从抗通胀向稳增长倾斜。 尽管月度通胀指标不如指导央行政策的季度数据全面，但仍为澳洲联储官员提供了消费价格走势的参 考。值得注意的是，随着特朗普政府的关税政策威胁全球经济活动，通胀担忧可能让位于对经济前景的 关注。 智通财经APP获悉，澳大利亚统计局周三公布的数据显示，5月消费者价格指数(CPI)同比上涨2.1%，低 于经济学家预期的2.3%，已连续十个月处于央行设定的2%-3%目标区间。这一超预期放缓的通胀数 据，令市场对澳洲联储下月启动降息的预期显著增强。 作为央行关注的核心通胀指标，5月截尾均值CPI同比涨幅从4月的2.8%回落至2.4%，创2021年11月以来 新低。由于政府补贴和退税政策持续抑制整体通胀读数，央行近期持续监测核心 ...

Core Viewpoint - The emergence of high deposit interest rates, such as 3.05% offered by certain village banks in Guangdong, stands out in a market where most rates have fallen to the "1" era, indicating a strategic move by smaller banks to attract deposits during a critical period for liquidity management [1][3][4]. Summary by Sections High Deposit Rates - Recently, Qingyuan Qinxin Village Bank has gained attention for offering a three- and five-year deposit product with a rate of 3.05%, contrasting sharply with the general trend of declining rates across major banks [3][4]. - The current environment has seen a significant reduction in deposit rates, with the one-year and five-year Loan Prime Rate (LPR) lowered by 10 basis points, and rates for shorter terms dropping by up to 25 basis points [3][4]. Market Dynamics - The high interest rates are primarily a strategy for village banks to differentiate themselves in a competitive market where they struggle against larger banks due to limited branches and brand recognition [1][6]. - Despite the allure of high rates, they are often limited in availability and subject to specific conditions, such as requiring in-person account opening and having capped amounts [4][6]. Broader Trends - Overall, the high interest rates are an anomaly within a broader trend of declining rates, particularly among private banks, which have been reducing rates significantly since last year [7][8]. - The financial landscape is shifting, with many small banks facing consolidation, as evidenced by 207 small banks being merged or dissolved this year, with village banks making up 41% of that number [8][9]. Financial Health of Banks - The parent company of the highlighted village banks, Jilin Jiutai Rural Commercial Bank, has faced challenges, including a recent loss and delays in financial reporting due to the complexity of its operations [9][10]. - As of mid-2024, Jiutai Rural Commercial Bank reported total assets of approximately 2,620.58 billion and liabilities of 2,428.62 billion, indicating a precarious financial position [10].

美债拍卖，越发受到市场关注。 美东时间本周周二（10日）到周四，美债市场又将迎来三场拍卖。 随着7月9日美方所谓"对等关税"暂缓期90天的最后期限临近，加之"大而美法案"中的"报复性税收"又引发新争 议，这些例行的拍卖作为衡量国内外投资者对美债和美元资产需求的风向标，越发受到市场关注。 市场情绪再测试 周二，美国财政部将拍卖580亿美元的三年期国债，周三将拍卖390亿美元的10年期国债，周四又将拍卖220亿美元 的30年期国债。一段时间以来，"债券义勇军"正采取行动，惩罚那些坐拥巨额财政赤字和巨额债务的国家。他们 担心美国总统特朗普的贸易和减税政策将加剧美国和全球通货膨胀，并抑制全球增长，迫使政府继续增加支出。 相比短债，10年期美债的拍卖结果更难预测，尤其是此次拍卖还与6月美国消费者价格指数（CPI）数据公布同 日。但根据以往拍卖统计数据，市场人士认为，仍不用担心买家短缺。 5月的10年期美债拍卖结果强劲，间接出价约占总发行量的76%，高于过去12次拍卖72%的平均水平。蒙特利尔银 行资本市场的利率交易副总裁杰弗瑞（Ben Jeffery）称："最近10年期美债买家罢工的主要驱动因素在于贸易政策 冲突。但现 ...

Core Viewpoint - The trend of major banks in China, including Industrial and Commercial Bank of China, China Merchants Bank, and CITIC Bank, is to withdraw five-year large denomination certificates of deposit (CDs) and shorten the maximum term of available CDs to two years, in response to declining interest margins [1][3]. Group 1: Bank Actions - Major banks are actively reducing long-term liabilities by lowering the interest rates on long-term large denomination CDs or even suspending the issuance of three and five-year products to mitigate the risk of future cost-revenue inversion [1][4]. - As of recent searches, five-year large denomination CDs are no longer available on the apps of major state-owned banks, with the longest available term being three years at a rate of 1.55% [1]. - China Merchants Bank has also removed three and five-year large denomination CDs from sale, currently offering only products with terms of two years or less, with rates below 2.15% [3]. Group 2: Interest Rate Trends - The average interest rates for one-year, two-year, three-year, and five-year large denomination CDs are reported as 1.719%, 1.867%, 2.197%, and 2.038% respectively, indicating a general decline in rates [4]. - The interest rates for three-year large denomination CDs have decreased by approximately 80 basis points compared to the same period in 2024, with current rates concentrated between 1.55% and 1.8% [3]. - The latest seven-day annualized yield for Tianhong Yu'ebao has reached 1.18%, which is close to the one-year large denomination CD rate of 1.2%, highlighting the diminishing advantage of large denomination CDs in terms of interest rates [3]. Group 3: Industry Context - The banking sector is currently facing low net interest margins, with the net interest margin further declining to 1.43% in the first quarter of 2025, down 9 basis points from the end of 2024 [4]. - The pressure on net interest margins is exacerbated by the continuous decline in loan yields due to multiple reductions in the Loan Prime Rate (LPR), while the trend of increasing fixed-term deposits intensifies the burden of high-interest liabilities [4][5]. - The suspension of five-year large denomination CDs and the reduction of medium to long-term deposit products are necessary measures for banks to lower funding costs and stabilize net interest margins [5].

此前，李在明当选为韩国总统，已于6月4日上任。 韩国三年期国债期货即月合约的未平仓合约减少17,468手合约，创5月13日以来最大降幅。 ...

美国财政部拍卖580亿美元三年期国债，得标利率3.824%（4月8日为3.784%），投标倍数2.56（前次为 2.47）。 ...

最近，六大国有银行集体下调存款利率的消息，在普通家庭中引发了不小的震动。三年期定期存款利率跌破1.5%，20万元起存的大额存单利率也仅剩 1.9%。不少储户感慨，如今存钱就像"温水煮青蛙"，名义上的存款数字虽未减少，但实际购买力却在悄然缩水。 回顾过去十年，银行存款利率的下降轨迹清晰可见。2015年，三年期定存利率还能维持在5%左右，如今已跌至1.5%。以10万元存款为例，三年后利息收入 从1.5万元降至4500元，若考虑物价上涨因素，实际收益甚至可能为负。这种"负利率"现象，让许多依赖存款利息的退休老人和保守型投资者倍感压力。 面对存款缩水，不少人将目光转向股市。然而，股市并非稳赚不赔的"保险箱"。作为经历过三轮牛熊周期的老股民，笔者深知其中的风险与机遇。数据显 示，过去十年间，上证指数年化收益率达5.8%，远超同期存款利率。但这一数据背后，是无数投资者的血泪教训。 股市投资需谨慎，这是所有投资者必须铭记的铁律。2018年，笔者曾因追高科技股而遭遇重创，单只股票亏损幅度超过30%。这次经历让我深刻认识到，股 市投资如同开饭馆，必须提前备好"柴米油盐"——即做好充分的风险管理和资金规划。 基于多年经验，笔者总 ...