9月底，北京的潘女士收到朋友转发给她的一张银行存款产品介绍信息——某银行的国庆专享美元存款 产品（1年期）年化利率达3.85%，5000美元起存。 3.85%是目前市面上比较高的美元存款利率了。 随着9月美联储降息消息落地，美元相关资产受到了政策利率变动的影响。以美元存款为例，部分银行 跟进下调了美元存款的利率。 在美元加息周期内，美元存款利率从年化3%左右，逐步达到5.5%左右，而在新开启的降息周期，又逐 步回落，到现在不及4%。 自2022年以来，潘女士经历了美元存款利率从节节升高到逐渐走低的过程。她有一笔美元存款将在今年 12月底到期，是到期后结汇，还是继续购买美元存款，抑或转投美元理财？ 很多像潘女士一样的投资者，希望为资产找一个好的"归宿"。 今年以来，国内银行的美元存款利率已经多次下调。潘女士告诉记者，近两年，眼看着美元存款利率逐 渐走低。2024年3月中旬，她存了一款年化利率为4.8%的美元定期存款；2025年3月到期后，她没有兑 换成人民币，选择继续美元定期存款，但年化利率已经降为4.08%。 潘女士预计，她的美元存款到期后，可能存款利率还会继续下降。目前，有国有大行的1年期美元存款 在2.8 ...

多家银行下调美元存款利率，存美元还得"货比三家" 本报讯 国庆期间，杭城不少银行网点依然开门营业。在杭州建国北路的一家银行网点，市民李女士捏 着一张美元存款利率表，反复比对不同银行的数字——她手中10万美元的存款，在不同银行间年利息差 最高可达300多美元。 美联储在2025年9月宣布降息25个基点，将联邦基金利率目标区间下调至4.00%-4.25%，这是自2024年12 月以来的首次降息。降息"靴子"落地后，多家银行迅速调整美元存款利率。汇丰银行在美联储宣布降息 当日便下调了美元定存利率，中资银行也纷纷跟进。目前，多数银行的美元存款利率都调至3%左右， 不过，不同银行间的利率分化显著，"货比三家"对储户而言能带来真金白银的差异。 利率下调成趋势，后续下调预期强 美元存款利率已进入下行通道。市场普遍认为，随着美联储降息周期的开启，美元存款利率难以维持高 位。 记者走访多家银行获悉，近期不少美元存款产品下调了利率，尤其是外资银行打起了头阵。 汇丰银行工作人员透露，该行已下调了部分期限新资金美元定存利率，1年期为3%，6个月为3.5%；渣 打银行也下调了中短期美元定期存款利率，调整后该行美元存款利率3个月、6个月 ...

从中资城商行来看，南京银行美元存款利率降至1年期存款利率3.3%（5万美元起存）或3.55%（20万美 元起存），二者分别较之前下降了10个基点和25个基点。 工商银行、农业银行、建设银行、中国银行、交通银行等美元存款利率仍维持在原来的水平，利率为1 个月2.2%、3个月2.3%、6个月2.5%、1年期和2年期均为2.8%，起存金额多为5000美元。 业内人士认为，商业银行在调整存款利率时通常存在一定延迟，这既源于其需要对自身美元负债结构、 客户稳定性及市场竞争态势进行综合评估，也反映出银行希望利用时间窗口吸引更多资金的短期意图。 然而，这种高利率状态难以持续，因为美联储的降息周期已经确立，市场普遍预期未来还将有进一步降 息的举措，银行势必会随之逐步下调利率报价。 随着美联储开启2025年内首次降息，业内目前已经达成共识，高收益美元产品难以长期维持。不过，目 前不同银行的调整幅度和节奏仍有不同。从整体来看，国有大行的调整相对不会太快，而外资银行和中 小银行则更加灵活一些。 汇丰银行在美联储宣布降息当日便下调美元定存利率，2万美元起存的1个月和6个月期利率均降至 3.5%，较此前分别下调10个基点和20个基点。 ...

中国反倒成了香饽饽。 高盛8月份的报告显示，对冲基金正以7周来最快速度扫货中国股票；摩根士丹利跟踪的数据更直接，6月外资净流入中国股市12亿美 元，7月冲到27亿美元，势头像滚雪球。 为啥是中国？ 三大底牌摆在那儿：一是全球独一份的稳定环境，没战乱没政策翻脸；二是资产价格还趴在地板上，A股估值比欧美低一大截；最硬核的 是"一带一路"的锚定效应，外资投进中老铁路、钱凯港这些项目，直接变成钢筋水泥，想跑都跑不掉！ 过去十年，"一带一路"共建国家对华投资超1400亿 美元，这些钱扎了根，美元潮汐再凶也冲不走。 没想到吧？ 美国联邦政府每年光偿还国债利息就要砸掉1.2万亿美元，比全球一半国家的GDP还高！ 这笔钱平均到每个美国人头上，相当于每人每年掏3500 美元给华尔街"输血"。 2025年9月18日，美联储突然宣布降息25个基点，把利率从4.25?.50%砍到4.00?.25%，这是9个月来头一回降息。 表面看只是利率微调，可全球资本的棋局彻底乱了。 过去几年，美国靠着4?%的高利率，像磁铁一样吸走全球资金。 国际炒家把美元存款包装成高收益理 财，钱生钱玩得风生水起。 但现在，美联储指挥棒一转，美元资产收益缩水， ...

潮新闻客户端 记者 俞萍丽 国庆期间，杭城不少银行网点依然开门营业。在杭州建国北路的一家银行网点，市民李女士捏着一张美元存款利率表，反复比对不同银行的数字——她手中 10万美元的存款，在不同银行间年利息差最高可达300多美元。 美联储在2025年9月宣布降息25个基点，将联邦基金利率目标区间下调至4.00%-4.25%，这是自2024年12月以来的首次降息。降息"靴子"落地后，多家银行迅 速调整美元存款利率。汇丰银行在美联储宣布降息当日便下调了美元定存利率，中资银行也纷纷跟进。目前，多数银行的美元存款利率都调至3%左右，不 过，不同银行间的利率分化显著，"货比三家"对储户而言能带来真金白银的差异。 利率下调成趋势 后续下调预期强 美元存款利率已进入下行通道。市场普遍认为，随着美联储降息周期的开启，美元存款利率难以维持高位。 记者走访多家银行获悉，近期不少美元存款产品下调了利率，尤其是外资银行打起了头阵。 汇丰银行工作人员透露，该行已下调了部分期限新资金美元定存利率，1年期为3%，6个月为3.5%；渣打银行也下调了中短期美元定期存款利率，调整后该 行美元存款利率3个月、6个月及1年期利率均为3.8%。1个月至1 ...

市场普遍预期，美联储本轮降息尚未结束。景顺亚太区环球市场策略师赵耀预计，美联储将于年底前再 次降息两次，每次0.25厘，并在明年初再降息一次。大新银行经济研究及投资策略部也预测，今年余下 时间及明年，美联储或将各减息两次。中信证券则预计，美联储将在10月和12月的议息会议上分别再次 降息25个基点。民生银行首席经济学家温彬认为，若后续美国失业率持续上升，美联储降息的可能性将 进一步加大。美联储利率预测"点阵图"也显示，美联储官员对今年剩余两次政策会议累计降息幅度的中 位数值预测为50个基点。 投资者需警惕风险，多元配置资产 对于投资者而言，美元存款的高收益背后隐藏着多种风险。中信证券研究部总监、银行业分析师林英奇 提醒储户，在选择美元存款时，不能只关注利率，还需综合考量汇率波动可能带来的影响以及不同资产 之间的收益差异。他建议，储户需要关注两方面的风险：一是汇率风险，若存款到期时人民币走强，可 能面临汇兑损失；二是机会成本，即存款相对于权益类等高回报资产所牺牲的潜在收益。上海金融与法 律研究院研究员杨海平也提醒投资者，切勿盲目追求高息，而忽视了潜在的汇率风险。 回溯2024年9月17日，美联储一声"降息"的号 ...

Core Viewpoint - The Federal Reserve has initiated its first interest rate cut in 2025, leading to a downward trend in USD deposit rates across various banks, with differing adjustments based on market competition and bank types [1][2]. Group 1: Federal Reserve Actions - On September 18, 2024, the Federal Reserve announced its first rate cut since December 2024, lowering the benchmark rate to a range of 4.00% to 4.25%, with a total reduction of 125 basis points [2]. - Analysts predict further rate cuts, with estimates of two additional 25 basis point reductions in the remaining meetings of the year [2]. Group 2: Bank Responses - HSBC reduced its USD fixed deposit rates on the same day as the Fed's announcement, with rates for 1-month and 6-month deposits dropping to 3.5%, a decrease of 10 and 20 basis points respectively [3]. - Huashang Bank lowered its USD fixed deposit rates by 25 basis points across various terms, with new rates set at 3.75%, 3.85%, and 3.90% for 1-month, 3-month, and 6-month deposits [3]. - Major state-owned banks like ICBC, ABC, and CCB have maintained their USD deposit rates, which remain at 2.2% for 1-month and 2.8% for 1-year and 2-year deposits [3]. Group 3: Market Outlook - The consensus in the industry is that high-yield USD products will struggle to maintain their attractiveness due to the established rate cut cycle by the Federal Reserve [2][4]. - The average annualized yield for USD wealth management products has dropped to 3.79%, down from 4.52% earlier in the year, indicating a significant decline in returns [4]. Group 4: Investment Considerations - Investors are advised to reassess their asset allocation in light of potential declines in deposit interest rates, considering diversifying into higher-yielding and controlled-risk assets such as bonds and funds [4][5]. - The impact of exchange rate fluctuations on USD assets is highlighted, with potential depreciation of the dollar affecting the value of dollar-denominated investments [5].

Core Viewpoint - Following the Federal Reserve's interest rate cut in September, USD deposit rates have entered a downward trend, with expectations for further reductions in the future [1][2]. Group 1: USD Deposit Rate Changes - A foreign bank's USD deposit products now offer rates of 3.5% for 1-month, 3-month, and 6-month terms, and 3.05% for 12-month terms, with a 10 basis points (BP) reduction for 1-month and 20 BP for 6-month terms compared to previous rates [1]. - In South China, a foreign bank previously offered rates above 4% for short-term USD deposits, which have now been reduced to 3.75%, 3.85%, and 3.90% for the same terms [1]. - In North China, general account USD deposit rates have been adjusted to 3.1% for 1-month, 3.3% for 3-month, and 3.05% for 6-month terms, with VIP account rates being 45 BP higher [1]. Group 2: Future Expectations and Market Dynamics - The Federal Reserve's recent rate cut is characterized as a "risk management cut," aimed at preventing deterioration in the job market, with an implied 50 BP of additional cuts expected within the year [2]. - Different banks are adjusting their rates at varying paces, with state-owned banks maintaining more stable rates compared to foreign and city commercial banks, which are more flexible due to their dollar positions and market competition [2]. - Short-term rates are under greater downward pressure, with expectations that 3-month to 6-month rates may continue to decline, while long-term rates may adjust more moderately [2]. Group 3: Investment Considerations - Investors should be cautious of the risks associated with declining rates and shrinking investment returns, recommending a preference for short-term products to allow for timely strategy adjustments [3]. - Currency fluctuations and hedging costs should be considered, as a weaker dollar could lead to reduced actual returns on USD deposits, with options for hedging through forward contracts or structured deposits [3]. - Liquidity and minimum deposit requirements are important factors, as some high-yield products may have significant withdrawal penalties, necessitating careful fund allocation based on liquidity needs [3].

Group 1 - The Federal Reserve's recent interest rate cuts have led to a decrease in USD deposit rates by several foreign banks, with domestic banks following suit, indicating a potential for further declines in the future [2][4] - There is a divergence among Federal Reserve officials regarding the pace of interest rate cuts, with some advocating for aggressive measures while others express caution due to inflation concerns [2][3] - The U.S. stock market has experienced declines, influenced by rising Treasury yields and economic data that may affect future Federal Reserve decisions on interest rates [2][3] Group 2 - Li Xunlei, Chief Economist at Zhongtai International, highlights the coexistence of opportunities and risks in the tech sector, suggesting a cautious approach to investments in U.S. and A-shares [3] - Some private equity firms are shifting their focus from tech stocks to sectors like cyclical, consumer, and high-end manufacturing due to concerns over short-term risks in the tech sector [4] - The digital RMB international operation center has officially launched in Shanghai, aimed at facilitating cross-border financial transactions and enhancing connectivity with global financial infrastructures [5]

Core Viewpoint - The recent interest rate cuts by the Federal Reserve have led to a decrease in USD deposit rates by several foreign banks, with domestic banks following suit to lower foreign currency liability costs. Some banks are also launching short-term high-interest products to attract depositors during this period [1][2][3]. Group 1: USD Deposit Rate Adjustments - USD deposit rates have dropped to around 3%, with foreign banks like HSBC reducing rates for various terms, such as 1-year deposits to 3% and 6-month deposits to 3.5% [2]. - Domestic banks have also adjusted their rates, with previous rates for 1-year USD deposits reaching as high as 5.6%, now reduced to a maximum of 3% [2]. - The adjustment in rates is influenced by the Federal Reserve's recent 25 basis point rate cut and the strengthening of the RMB, prompting banks to reduce USD asset and liability scales [3]. Group 2: Divergent Rate Adjustment Responses - Some banks have not yet adjusted their rates but are expected to do so, with current rates at 2.8% for 1-year and 2-year deposits [3]. - The pace of rate adjustments varies among banks due to differences in liability structures and funding positions, with foreign banks typically responding more quickly to international market changes [3]. Group 3: High-Interest Marketing Strategies - A few banks are countering the trend by offering short-term high-interest USD deposits, such as Hong Kong's Hang Seng Bank advertising rates of 4.1% [4]. - Other banks, like Standard Chartered and HSBC, are also promoting competitive rates for new customers, with rates reaching up to 3.8% for certain deposit terms [4]. Group 4: Considerations for Depositors - Experts emphasize the need for depositors to carefully evaluate the risks associated with USD deposits, particularly in a declining interest rate environment [5][6]. - The potential for further rate cuts by the Federal Reserve may lead to additional downward pressure on USD deposit rates, with expectations of two more cuts this year [6]. - Depositors should consider both exchange rate risks and opportunity costs when choosing USD deposits, as fluctuations in the RMB could lead to currency losses [6].