深圳商报·读创客户端首席记者 谢惠茜 自美联储宣布降息以来，多家银行美元存款利率应声下调。记者走访了多家银行后发现，目前美元存款 的利率已不复往年的高收益，大多维持在"3"字头。业内专家指出，未来美元存款利率进一步下行是大 概率事件，与人民币存款利差优势将收窄。 多家银行纷纷下调美元存款利率 当地时间10月8日，美国联邦储备委员会公布了9月货币政策会议的会议纪要。纪要显示，在参加会议的 19位委员中，略多于一半的人预计今年还将至少再降息两次。 与此同时，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年期利率为3.6%，2年期为3.0%；华商银行则统一下调中短期美元定期存款 利率25个基点，调整后该行1个月、3个月和6个月的美元存款利率分别为3.75%、3.85%和3.90%。 部分中资银行也有所跟进。其中，南京银行5万美元起存和20万美元起存的1年期存款利率均下调至 3.3%、3.55%，分别较之前下降了10个基点和25个基点。此外，其起存金额20万美元的3月期存款利率 为3.5%。 相比之下，工商银行、农业银行、建设银行、中国银行、交通银行 ...

美元存款利率下调 与此同时，南京银行客服人员也在此前对《华夏时报》记者表示，该行自9月20日起开始执行下调后的 美元存款利率标准。 "利率或将走向'2字头'。"苏商银行特约研究员薛洪言在接受《华夏时报》记者采访时表示，美元存款 利率整体下行趋势已难以逆转，3%将成为阶段性利率高点，后续将逐步向2.5%-2.8%的区间靠近。 自美联储宣布年内首次降息以来，市场目光一直聚焦于各类美元资产。 近期，记者以投资者身份走访调查美元存款最新行情，多家银行工作人员表示，美元定期存款利率已经 下调。 9月29日，《华夏时报》记者从西安银行获悉，该行于9月28日开始执行新的美元存款标准，调整前的5 档存期中有3档利率在4%以上，调整后所有存期利率都在3字头区间，其中，3个月存期利率调整幅度最 大，下调了0.5％。 今年以来，银行对美元定期存款利率的调整悄然进行着。《华夏时报》记者在采访中了解到，今年已有 多家银行美元存款利率为"4"字头的产品经过下调步入"3"时代。 而随着美联储今年内首次降息，银行正加速调整美元存款利率。 9月29日，《华夏时报》记者致电西安银行得知，该行1月期、3月期、6月期和1年、2年期，美元存款利 率已 ...

Core Viewpoint - The recent adjustments in USD deposit rates by banks are a direct response to the Federal Reserve's interest rate cuts, indicating a downward trend in USD deposit rates across the market [2][4][9]. Group 1: USD Deposit Rate Adjustments - Many banks have begun to lower their USD deposit rates, with several products transitioning from the "4" range to the "3" range this year [3][4]. - For instance, Xi'an Bank has reduced its USD deposit rates across various terms, with the 1-month and 3-month rates dropping by 0.4% and 0.5% respectively [5][4]. - Nanjing Bank has also adjusted its rates for its "Xin Hui Tian" product, with rates for 3-month, 6-month, and 1-year deposits decreasing from 3.5%, 3.7%, and 3.8% to 3.3%, 3.4%, and 3.55% [6][4]. Group 2: Future Rate Expectations - Analysts predict that USD deposit rates may continue to decline, potentially entering the "2" range, with expectations of rates settling between 2.5% and 2.8% in the near future [8][10]. - Goldman Sachs Asset Management anticipates further rate cuts by the Federal Reserve in October and December, which could influence domestic USD deposit rates downward [9][10]. - The overall sentiment in the industry suggests that the current 3% rate may be a temporary high point, with a strong likelihood of further reductions [9][10]. Group 3: Market Reactions and Investor Behavior - Despite the declining rates, some investors still prefer USD deposits, viewing them as more favorable compared to regular RMB deposits [11]. - Experts advise caution for inexperienced investors, emphasizing the need to assess both yield and currency risk when considering USD deposits [11][12]. - The market is seeing a shift where banks are adjusting their strategies based on the changing interest rate environment, with some banks maintaining higher rates to attract deposits while others lower rates to manage costs [7][12].

Core Viewpoint - The Federal Reserve's recent decision to lower the federal funds rate by 25 basis points to a target range of 4.00% to 4.25% marks the end of the high-interest rate cycle for the dollar, leading to a decline in dollar asset yields and revealing the "high-interest trap" in dollar financial products [2][4][10]. Group 1: Impact of Interest Rate Changes - The recent interest rate cut by the Federal Reserve is seen as a confirmation of the turning point for dollar asset yields, ending a nine-month period of stable policy [7]. - Following the rate cut, foreign banks like HSBC and DBS have quickly adjusted their dollar deposit rates downward, with HSBC reducing rates for 1-month and 6-month deposits to 3.5% [7][8]. - Domestic banks have not yet adjusted their rates, but there is an expectation of future declines, with current rates for 1-year dollar deposits remaining at 2.8% [8]. Group 2: Performance of Dollar Financial Products - The average annualized yield of dollar financial products has dropped significantly from 4.58% at the beginning of the year to 3.74% by September, reflecting a decline of over 80 basis points [8]. - The decline in yields is particularly pronounced in pure fixed-income products, with some analysts predicting that yields may fall below 3.5% in the next six months [8]. - Despite the declining yields, some smaller banks still offer competitive rates, such as Huashang Bank's 3.90% for six-month dollar deposits [8]. Group 3: Investor Experiences and Concerns - Many investors have shared experiences of losses due to currency depreciation, with some reporting that their dollar investments have resulted in losses when converted back to RMB [3][4]. - The overall performance of dollar assets has been poor, with the dollar index dropping nearly 10% year-to-date and the USD/RMB exchange rate falling over 3% [4][10]. - Investors are increasingly questioning whether investing in dollar financial products is about earning interest or speculating on exchange rates, leading to a perception of being "trapped at high levels" [6][10]. Group 4: Risks and Future Outlook - Analysts highlight three main risks associated with dollar financial products: exchange rate risk, interest rate decline risk, and liquidity risk [10]. - Market expectations regarding future Federal Reserve policies remain divided, with some analysts predicting further rate cuts in the coming months [10]. - The dollar's exchange rate is expected to fluctuate within the range of 7.0 to 7.5 against the RMB for the remainder of the year, influencing investment decisions [10].

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].

Group 1 - The Federal Reserve has lowered the federal funds rate target range by 25 basis points to 4.00%-4.25%, marking the first rate cut since December 2024, indicating a shift in the high-interest rate environment for the dollar [1][5] - The dollar has depreciated significantly since the beginning of the year, leading to reduced interest income and principal losses for investors holding dollar-denominated financial products [1][2] - The average annualized yield of dollar financial products has declined from 4.52% in January to 3.79% in September, reflecting a downward trend in dollar asset returns [2][6] Group 2 - Investors are increasingly sharing experiences of losses from dollar financial products, highlighting the risks associated with currency fluctuations and the diminishing returns from these investments [2][4] - The dollar index has dropped nearly 10% year-to-date, with the exchange rate against the yuan falling from 7.35 to 7.12, a depreciation of over 3% [2][4] - The decline in yields is particularly pronounced in fixed-income products, with expectations that yields may fall below 3.5% in the coming months [6][7] Group 3 - The recent rate cut by the Federal Reserve is seen as a confirmation of a turning point for dollar asset yields, with foreign banks quickly adjusting their deposit rates in response [5][6] - Despite the decline in yields, some smaller banks still offer competitive rates, but the overall sentiment is that exchange rate fluctuations will significantly impact actual returns [6][7] - Analysts express differing views on future Federal Reserve policy, with expectations of further rate cuts and a stable dollar-to-yuan exchange rate within the 7.0-7.5 range [8]

Core Viewpoint - The article discusses the recent adjustments in the USD fixed deposit rates by mainland banks following the Federal Reserve's decision to lower interest rates, indicating a trend of decreasing rates across various banks in China [2][5]. Group 1: Mainland Bank Adjustments - Following the Federal Reserve's rate cut on September 17, 2025, many local banks in mainland China have begun to lower their USD fixed deposit rates, which previously exceeded 4% [2]. - On September 23, Huashang Bank reduced its USD fixed deposit rates by 25 basis points, with new rates for 1-month, 3-month, and 6-month deposits set at 3.75%, 3.85%, and 3.90% respectively [2]. - Xi'an Bank is also expected to lower its rates around September 28, with rates for various terms dropping from 3.6%-4.3% to 3.2%-3.98% [3]. Group 2: Customer Strategies - Customers are advised to lock in their deposits before the rates drop further, as indicated by bank representatives [3][4]. - A customer named Chen Li was informed about significant rate cuts at Guangdong Huaxing Bank before they occurred, prompting her to secure her deposits at higher rates [5]. - Chen Li's experience highlights the importance of timing in securing favorable deposit rates, as she managed to deposit before the rates fell below 4% [6]. Group 3: Hong Kong Market Comparison - In contrast to mainland banks, many Hong Kong banks still offer attractive USD fixed deposit rates above 3%, with some promotional rates reaching as high as 5.09% for new funds [9][10]. - A virtual bank in Hong Kong launched a promotional campaign offering a 3-month USD fixed deposit at 5.09%, which attracted significant customer interest [9]. - Major banks in Hong Kong, such as HSBC and Bank of China Hong Kong, have maintained their rates around 3.5%-3.7% despite the Federal Reserve's rate cut [11].

Core Viewpoint - The Federal Reserve announced a 25 basis point cut in the federal funds rate target range, marking its first rate cut of 2025 and the fourth consecutive cut since 2024 [2] Group 1: Impact on Domestic Banks - Following the Fed's rate cut, domestic banks in China have begun to adjust their USD fixed deposit rates, with many local banks reducing rates that were previously above 4% [3] - Huashang Bank lowered its USD fixed deposit rates by 25 basis points, with new rates for 1-month, 3-month, and 6-month deposits set at 3.75%, 3.85%, and 3.90% respectively [3] - Xi'an Bank and Chongqing Three Gorges Bank are also expected to lower their USD fixed deposit rates, with Xi'an Bank's rates dropping from 3.6%, 4.1%, 4.3%, and 4.3% to 3.2%, 3.6%, 3.98%, and 3.98% for various terms [3][4] Group 2: Customer Strategies - Customers are advised to deposit USD quickly to lock in rates above 4% before further reductions take effect [4] - Chen Li, a customer, received notice of a significant rate cut from Guangdong Huaxing Bank before the Fed's decision, prompting her to secure deposits at higher rates [5] - Chen's experience highlights the trend of customers acting swiftly to secure higher rates before anticipated cuts, as she managed to deposit funds at rates above 4% prior to the adjustments [6] Group 3: Hong Kong Market Dynamics - In contrast to mainland banks, many banks in Hong Kong continue to offer attractive USD fixed deposit rates, with some rates exceeding 3% [8] - A virtual bank in Hong Kong launched a promotional USD fixed deposit with a rate of 5.09%, attracting significant customer interest [8][9] - Major banks in Hong Kong, such as HSBC and Bank of China Hong Kong, have maintained their USD deposit rates despite the Fed's rate cut, with rates around 3.5% to 3.7% for various terms [9][10]

Core Viewpoint - The significant decline in the US dollar exchange rate has caught investors off guard, challenging their initial expectations of higher returns from dollar-denominated investments compared to RMB deposits [1][2]. Group 1: Investor Experiences - Investor Wang Lin exchanged 100,000 USD at an exchange rate of 7.35, expecting a 4% annual return, but now faces losses due to the declining exchange rate [1]. - Investor Liu Mei is contemplating whether to convert her dollar-denominated deposit back to RMB at a loss, despite the allure of high interest rates [2]. Group 2: Market Trends - As of July 7, the US dollar index fell to around 97, marking a cumulative decline of 10.59% for the year, with the USD/CNY exchange rate dropping to approximately 7.17 [1]. - Despite the low exchange rate, some investors are still looking to buy dollar assets to lock in high yields before potential interest rate cuts by the Federal Reserve [2]. Group 3: Product Offerings - There are numerous dollar-denominated financial products with performance benchmarks exceeding 4%, with 130 new dollar products launched since July, primarily fixed-income products with a maturity of 6 to 12 months [3]. - Some foreign banks are offering attractive dollar deposit rates, such as a 4.1% annual rate for a one-year deposit [2]. Group 4: Expert Insights - Experts caution that while there are opportunities in dollar products, risks associated with exchange rate fluctuations remain significant, especially if the exchange rate falls below 7.2 [2][4]. - The dollar to RMB exchange rate is expected to fluctuate between 7.0 and 7.5 throughout the year, influenced by the Federal Reserve's interest rate decisions and economic conditions in China [4].

Group 1 - The global smart audio device shipment is expected to exceed 500 million units by 2025, driven by the increasing acceptance of TWS headphones and strong demand from emerging markets like China [1] - China accounts for 30% of the global wearable wristband device market, with a year-on-year growth of 20%, compensating for declines in mature markets [1] - The wearable device market is anticipated to rebound, with growth fueled by the expansion in emerging markets and the popularity of mid-to-low-priced products [1] Group 2 - AI and AR/VR technologies are opening new development paths for wearable devices, enhancing their market scale [1] - Meta is set to launch the Quest3/Pro series in 2024, integrating multi-modal AI assistants and bone conduction audio technology, which will increase attention and development space in the wearable device industry [1] Group 3 - Oulitong has a broad customer base, with significant growth potential in its operating performance, despite a decrease in sales from major clients like Apple due to reduced shipments of headphones and wearable devices [2] - Oulitong is actively expanding its customer base, including new clients like AAC Technologies and Nidec, which will support future performance growth [2] Group 4 - As of early 2025, Oulitong's confirmed orders increased to 203 million, indicating a slight growth from the previous year, although market competition remains intense [3] - The company expects gradual recovery in revenue, although growth rates may slow compared to earlier forecasts [3] Group 5 - Oulitong's operating costs are projected to rise due to increased material costs, labor costs, and manufacturing expenses, with a significant drop in gross margin from 68.25% in 2023 to 50.07% in 2024 [4][5] - The company plans to implement cost-reduction measures, including negotiating with suppliers and optimizing workforce structure, to improve overall gross margin [5] Group 6 - Oulitong's period expenses are expected to decrease as revenue grows, with a focus on controlling sales, management, and R&D expenses [6][7] - The company anticipates that the sales expense ratio will rise due to increased personnel costs, while management and R&D expense ratios will decline as a result of scale effects [8] Group 7 - Oulitong recognized goodwill impairment of 31,046.19 million yuan for 2024, as the recoverable amount of the asset group was lower than its book value [9] - The company's revenue and profit indicators for the first quarter of 2025 align with the expectations set during the goodwill impairment testing [10] Group 8 - Oulitong's accounts receivable increased by 31.01% year-on-year, with a significant rise in short-term receivables, indicating a need for analysis of sales policies and credit policies [13][15] - The increase in accounts receivable despite declining revenue is attributed to the growth in the wearable device business and longer payment cycles from clients [17] Group 9 - Oulitong's inventory at the end of the reporting period was 884 million yuan, with a provision for inventory impairment of 10 million yuan, reflecting a decrease in the impairment ratio [21] - The company has implemented a cautious approach to inventory valuation, leading to a rise in the provision for raw material impairment due to increased aging of specialized materials [22] Group 10 - Oulitong's cash and cash equivalents decreased by 41% year-on-year, with a significant increase in short-term borrowings, indicating a shift in financing strategy [28] - The company maintains sufficient liquidity to cover its debt obligations, with a focus on optimizing cash flow management and maintaining good relationships with financial institutions [34]