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December 22, moreThe bank officially announced the interest rate cut!
December 22ndBank of ChinaAccording to the official website, the bank lowered the RMB deposit interest rate on December 22, of which the three-month, half-year and one-year interest rates for fixed deposits and lump sum withdrawals were all reduced by 10 basis points, and the one-year interest rate was reduced to 145%；The two-year was lowered by 20 basis points to 165%；Both the three-year and five-year maturities were cut by 25 basis points to 195% and 200%。
The official website of Bank of China.
December 22ndIndustrial and Commercial Bank of ChinaAccording to the official website, the bank lowered the RMB deposit interest rate on December 22, of which the three-month, half-year and one-year interest rates for fixed deposits and lump sum withdrawals were all reduced by 10 basis points, and the one-year interest rate was reduced to 145%；The two-year was lowered by 20 basis points to 165%；Both the three-year and five-year maturities were cut by 25 basis points to 195% and 200%。The interest rates on zero deposits, lump sum deposits and principal deposits will be lowered by 10 basis points, and the listed interest rates on call deposits will be reduced by 20 basis points.
The official website of ICBC.
December 22ndAgricultural Bank of ChinaAccording to the official website, the Agricultural Bank of China lowered the interest rate on RMB deposits on December 22, of which the interest rates for three-month, half-year and one-year fixed deposits were all reduced by 10 basis points, and the one-year interest rate was reduced to 145%；The two-year was lowered by 20 basis points to 165%；Both the three-year and five-year maturities were cut by 25 basis points to 195% and 200%。The interest rates on zero deposits, lump sum deposits and principal deposits will be lowered by 10 basis points, and the listed interest rates on call deposits will be reduced by 20 basis points.
The official website of the Agricultural Bank of China.
December 22ndBank of CommunicationsAccording to the official website, the bank lowered the RMB deposit interest rate on December 22, of which the three-month, half-year and one-year interest rates for fixed deposits and lump sum withdrawals were all reduced by 10 basis points, and the one-year interest rate was reduced to 145%；The two-year was lowered by 20 basis points to 165%；Both the three-year and five-year maturities were cut by 25 basis points to 195% and 200%。
The official website of Bank of Communications.
December 22ndChina Construction BankAccording to the official website, the bank lowered the RMB deposit interest rate on December 22, of which the three-month, half-year and one-year interest rates for fixed deposits and lump sum withdrawals were all reduced by 10 basis points, and the one-year interest rate was reduced to 145%；The two-year was lowered by 20 basis points to 165%；Both the three-year and five-year maturities were cut by 25 basis points to 195% and 200%。
The official website of China Construction Bank.
Shares in the line,China Merchants BankBe the first to strike. On December 22, the listed interest rate of 1-year, 2-year, 3-year and 5-year lump sum deposit and withdrawal time deposits of China Merchants Bank was %. Before that, they were. 25%。Similar to the major banks, the 1-year tenor was reduced by 10bp, and the 2-year, 3-year, and 5-year tenors were lowered by 20bp, 25bp, and 25bp, respectively.
In retrospect, as early as September last year, the listed interest rate of state-owned banks, which had been stable for 7 years, ushered in the first adjustment. Entering 2023, state-owned banks will adjust their listed interest rates again on June 8 and September 1 this year. This is also the third time that a state-owned bank has lowered the listed interest rate this year, and it has only been more than three months since the last adjustment. Regarding the reduction of deposit interest rates by major state-owned banks and joint-stock banks, Zhou Maohua, a macro researcher at the financial market department of Everbright Bank, said that the main reason is that some banks make full use of the market-oriented adjustment mechanism of deposit interest rates to alleviate the pressure on net interest margins and expand space for banks to further benefit the real economyAt the same time, the proportion of domestic fixed deposits is still high, which is also the reason for the reduction of deposit interest rates. Ming Ming, chief economist of CITIC**, believes that the main driving factors for the continued adjustment of deposit interest rates in this round are: Loan interest rates have fallen significantly, but banks' debt costs have remained relatively rigid, and interest rate spreads have continued to compress, increasing operating pressure. The trend of fixed-term deposits is becoming more and more obvious, and the pricing of long-term deposits and some special deposit products is on the high side. In the future, small and medium-sized banks may also follow suit, but the time point may be after the year, and the magnitude may not be as large as that of large banks. It is estimated that the reduction of deposit interest rates on the average deposit cost of commercial banks is about 3-5bps, which will help alleviate the pressure on banks' net interest margins, and in addition, the probability of LPR** reduction has also increased. *If there is any infringement in China** News, Yicai, and public news, please contact to delete
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