在美元存款利率上升的过程中，外币理财尤其是美元理财的利 率也节节攀升，2023年至2024年，有理财公司推出的美元理 财产品年化收益在5%以上，远远超过其业绩比较基准。 作者： 胡艳明 封图：图虫创意 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"。 美元存款利率"过山车" "人民币3年期存款年利率为1.8%；美元1年期存款年利率最高达3.3%。"9月18日上午10点，潘女 士看到某家股份行的客户经理推介该行 ...

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 ...

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 ...

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 - 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].

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 index has dropped nearly 10% year-to-date, with the USD/CNY exchange rate falling from 7.35 to 7.12, a depreciation of over 3% [2][5] - The average annualized yield of dollar-denominated wealth management products has decreased from 4.52% in January to 3.79% in September, reflecting a significant downward trend [2][6] Group 2 - Investors are increasingly sharing experiences of losses in dollar wealth management products, highlighting the risks associated with currency fluctuations and interest rate changes [2][4] - Major foreign banks have quickly adjusted their dollar deposit rates following the Fed's rate cut, with HSBC and DBS Bank reducing rates for various terms [5][6] - Despite the decline in yields, some smaller banks still offer competitive rates, but the overall sentiment is that exchange rate fluctuations can negate interest earnings [6][7] Group 3 - Analysts suggest that the Fed's rate cut signals a turning point for dollar asset yields, with expectations of further rate reductions in upcoming meetings [8] - The market remains divided on future Fed policy, with some analysts predicting additional rate cuts based on economic indicators such as unemployment rates [8] - The potential for continued dollar depreciation against the yuan is anticipated to remain within the 7.0-7.5 range for the year, influencing investment strategies [8]

Core Viewpoint - A new round of "interest rate cuts" for USD deposits has begun following the Federal Reserve's recent decision to lower the federal funds rate target range by 25 basis points [1] Group 1: Bank Reactions - Some foreign banks and city commercial banks have quickly adjusted their USD deposit rates, while large state-owned banks have not yet made changes [1][3] - For instance, Nanjing Bank has reduced its one-year USD deposit rate to 3.3% for deposits starting at $50,000, down from 3.4%, and to 3.55% for $200,000, down from 3.8% [3] - HSBC has also lowered its USD deposit rates on the same day the Fed announced the cut, with new rates for various deposit amounts [6] Group 2: Market Response - Despite the rate cuts, there has not been a rush among investors to lock in USD deposits, indicating a rational market response [8] - Investors are showing a cautious attitude towards USD deposit rate reductions, with many not fully committing their funds to USD deposits [8][9] - The demand for USD deposits is primarily driven by diversification needs or actual usage of USD rather than high interest rates [8] Group 3: Future Outlook - Analysts expect further reductions in USD deposit rates within the year, with predictions of additional cuts by the Federal Reserve in upcoming meetings [10] - Factors influencing the outlook include potential currency fluctuations, ongoing interest rate declines, and opportunity costs associated with alternative investment options [10]

Group 1 - Recent fluctuations in the US stock market were driven by employment data, initially causing a decline due to recession fears, followed by a rebound as the market anticipated interest rate cuts from the Federal Reserve to support economic growth [2][3] - Major US indices showed significant changes: S&P 500 dropped by 1.60% last week but rose by 1.47% this week, while the Nasdaq fell by 2.24% and then increased by 1.95% [3] - The concept of "rate cut trading" and "recession trading" reflects market reactions to economic data, with the former indicating expectations of lower interest rates and the latter signaling concerns about economic downturns [3] Group 2 - Historical analysis reveals that the US has experienced three significant rate cut cycles since 2000, each initiated during economic difficulties [6][8] - The first rate cut cycle (2001-2003) was marked by the burst of the internet bubble and subsequent economic challenges, leading to a total reduction of 550 basis points in the federal funds rate [14][12] - The second cycle (2007-2008) was triggered by the subprime mortgage crisis, with the rate cut reaching a historic low of 0.25% after a cumulative reduction of 500 basis points [18][16] - The third cycle (2019-2020) was characterized by a relatively stable economy, with rate cuts primarily aimed at preemptively addressing trade tensions and economic slowdown, culminating in a total reduction of 225 basis points [25][22] Group 3 - Asset performance during these rate cut cycles showed consistent trends: equity markets typically declined during the rate cuts due to underlying economic challenges, while fixed income and gold assets generally appreciated [30][31] - Current economic indicators suggest that the likelihood of a severe recession is lower compared to previous cycles, potentially reducing the risk of significant declines in equity markets during the upcoming rate cut [40][39] - The anticipated rate cuts may negatively impact the US dollar index, as increased money supply typically leads to currency depreciation [41]

Core Viewpoint - The depreciation of the US dollar by over 10% in the first half of the year has led to significant concerns among investors who entered dollar-denominated financial products at the beginning of the year, as many are now facing losses due to unfavorable exchange rates [1][6]. Group 1: Dollar Depreciation Impact - The dollar index has dropped to around 97 points, with a cumulative decline of 10.59% since the beginning of the year [1][6]. - Investors who exchanged RMB for USD at a rate of 7.35 are now experiencing losses, as the current exchange rate is approximately 7.17 [1][6]. - The depreciation of the dollar has been attributed to several factors, including a slowdown in the US economy, uncertainty regarding Federal Reserve policies, and a global trend of "de-dollarization" [6]. Group 2: Investment Behavior - Despite the depreciation, many investors are still looking to buy into dollar-denominated products, hoping to lock in high interest rates before potential Federal Reserve rate cuts [1][10]. - Some investors express a willingness to continue holding dollar deposits, prioritizing interest rate differentials over short-term exchange rate fluctuations [6][11]. - There is a notable increase in demand for dollar financial products, with some offerings showing annualized returns exceeding 4% [7][8]. Group 3: Financial Product Offerings - Various banks and financial institutions are offering competitive interest rates on dollar deposits, with rates for 3-month, 6-month, and 12-month terms ranging from 3.60% to 4.35% [7][8]. - A significant number of dollar-denominated financial products have been launched recently, with many fixed-income products offering annualized returns between 3.80% and 4.30% [8][9]. - Financial institutions are actively promoting dollar financial products, capitalizing on the current high-interest environment [10].