"The annual interest rate of our 3-year large deposit certificate has been lowered from 3.30% to 3.25%, but it is still in demand and will be sold out within 3 minutes after delivery," the customer manager of a joint-stock bank in Xicheng District, Beijing told reporters. As mentioned by the above customer manager, the reporter of China Securities News recently visited several bank outlets in Beijing and learned that some banks have recently lowered the interest rate of large deposit certificates again. Nevertheless, large deposit certificates are still popular among investors. Experts believe that investors' preference for large deposit certificates is a major manifestation of the deepening trend of fixed deposits. The fixed deposit has limited the reduction of the bank's cost on the liability side. Under the background that the loan interest rate remains low, the net interest margin of commercial banks is still under pressure, and the subsequent deposit interest rate still has some room for reduction. The interest rate has been lowered repeatedly. "The annual interest rate of our 3-year large deposit certificate has been reduced from 3.55% to 3.50%, which may be reduced in the future," said the financial manager of a city commercial bank in Haidian District, Beijing. According to the monitoring data of Rong360 Digital Science and Technology Research Institute, the average interest rates of 1-year, 3-year and 5-year large deposit certificates issued in November 2022 are 1.795%, 3.296% and 3.441% respectively. Compared with last month, the 1-year, 3-year and 5-year average interest rates fell month on month by 2.9 basis points, 0.2 basis points and 11.2 basis points respectively. The insiders believe that the reduction of interest rate of large deposit certificates is the performance of commercial banks' active control of debt costs. Liu Yinping, an analyst at Rong360 Digital Science and Technology Research Institute, said that since 2022, the interest rate of each term of large deposit certificates has declined significantly, and the 5-year interest rate has declined significantly. National banks have basically stopped issuing 5-year large deposit certificates, and there are not many 3-year certificates. This shows that banks are continuing to reduce the cost of large deposit certificates. Although the interest rate of large deposit certificates has been lowered repeatedly, the willingness of investors to pursue them has not weakened. The reporter inquired about the apps of ICBC, Everbright Bank, Bank of Jiangsu and other banks, and found that the 3-year large deposit certificates were sold out. There are also some bank apps showing that there is no large deposit certificate product on sale. Liu Yinping believed that although the interest rate of large deposit receipts continued to decline, they had the characteristics of capital preservation and high security. In addition, in the downward period of interest rates, the purchase of long-term limited deposit certificates can lock in relatively high interest rates in advance. Wang Gaopeng, a researcher of Puyi Standards, believes that after the transformation of financial products into net worth, the net value of some financial products fluctuates greatly, even breaking the net value. However, the risk appetite of investors in financial products is generally low, and they may temporarily be unable to accept large net value fluctuations, so they switch to large deposit receipts. The net interest margin of commercial banks is under pressure. In the opinion of insiders, investors' preference for large deposit certificates is a major manifestation of the deepening trend of deposit periodization. The rigidity of deposit cost will squeeze the net interest margin of commercial banks. From the loan side, since 2022, the 1-year and 5-year LPR (loan market quoted interest rate) has decreased by 15 basis points and 35 basis points, respectively, driving the financing cost of the real economy down continuously. According to the data of the People's Bank of China, in September 2022, the weighted average interest rate of loans was 4.34%, down 0.66 percentage points year on year, including corporate loans
Edit：xinhuanet Responsible editor：新华网
Source：wangwenting
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