, June 6 (Zhongxin Finance, Gong Hongyu) Bank deposit interest rates have dropped again.

Following a number of small and medium-sized banks cutting interest rates one after another, on June 6, six large state-owned banks, ICBC, ABC, CCB, BOC, Bank of Communications and Postal Savings Bank, collectively lowered the listed interest rates for deposits. The interest rate on 8-year time deposits was only 5.2% after the reduction.

While some depositors lament that "fortunately they survived early", some people are entangled, how to invest money in the future? Will interest rates continue to fall?

On June 6, the deposit rate of CAG.

Banks cut interest rates one after another, and the fixed deposit interest rate bid farewell to the "three eras."

In this round of adjustment, the six major banks lowered the interest rate of RMB demand deposits by 5 basis points to 0.20%, the interest rate of two-year RMB time deposits by 10 basis points to 2.05%, and the three-year and five-year listing rates by 15 basis points to 2.45% and 2.5% respectively.

This is the second collective reduction of interest rates by large state-owned banks since September 9 last year. Even the large-sum certificates of deposit that have always been sought after because of the "high interest" label and even "one order is difficult to find" have dropped this time. The interest rate of 15-year certificates of deposit for large deposits such as ABC, CCB and ICBC was reduced to less than 3%.

In fact, before the current round of interest rate cuts by large state-owned banks, local small and medium-sized banks have set off several rounds of interest rate cuts this year. Since April alone, dozens of small and medium-sized banks, including Henan, Hubei, Shaanxi and other places, have announced adjustments to deposit interest rates. In June, a number of village and town banks in Xinjiang, Inner Mongolia, Jilin and other places announced the reduction of some maturity time deposit interest rates, mainly ranging from 4 basis points to 6 basis points.

Although the deposit interest rate of small and medium-sized banks is usually higher than that of large banks, after successive interest rate cuts, it is difficult for small and medium-sized banks to find deposit products with interest rates higher than 3%, and deposit products have fully transferred to the "2 era".

In addition, joint-stock banks such as Bohai, Hengfeng and Zheshang simultaneously lowered the deposit listing interest rate in May. Among them, the interest rate of 5-year fixed deposit products was reduced from the highest 3.3% to 25.2% and 9.2% respectively.

"Deposit interest rates have been falling, and some products with relatively high interest rates, such as large deposit certificates, must be booked in advance, which is more difficult to grab." Xiaowen (pseudonym), a teller at a branch of China Merchants Bank in Beijing, reflected to Zhongxin Finance.

Infographic: RMB. Photo by Ai Qinglong

Expert: It is conducive to promoting investment and consumption

As for the reduction of deposit rates, experts generally believe that this is a necessary and positive approach. There is still room for further downward adjustment in the future.

Dong Ximiao, chief researcher of CMF Finance, said in an interview with Zhongxin Finance that since the beginning of this year, the scale of China's banking industry has grown rapidly, but the growth rate of profits has slowed down, and the profits of the banking industry in some provinces have experienced negative growth. In addition, the net interest margin of commercial banks showed a downward trend quarter by quarter last year. It is still necessary to reduce the interest rate rate and reduce the cost of debt to delay the pressure of interest margin narrowing and maintain a steady development trend.

Yang Delong, managing director and chief economist of Qianhai Open Source Fund, believes that banks have repeatedly lowered deposit interest rates this year, mainly for the rapid rise in the amount of resident deposits in the past two years. Lowering the deposit rate is conducive to promoting the entry of funds into the investment field and the real economy, and is also conducive to stimulating consumption.

At the same time, in the context of the first quarter meeting of the Monetary Policy Committee of the People's Bank of China pointing out that "giving play to the important role of the deposit interest rate market-oriented adjustment mechanism", Dong Ximiao believes that the large commercial banks once again lowered the deposit listing interest rate, which is a specific measure to play the role of the deposit interest rate market-oriented adjustment mechanism, which is in line with the policy orientation.

Dong Ximiao judged that it is expected that the deposit interest rate may continue to decline in the future. However, considering that loan interest rates are already at a low level, the room for future decline is relatively limited.

Dong Ximiao also mentioned that large commercial banks are the main body of China's banking industry, accounting for nearly half of the industry's liabilities, and have decisive market influence. After large commercial banks cut the deposit listing rate, it is expected that small and medium-sized banks will follow suit.

Renminbi. Photo by Liu Yanghe

Where to put the money in the future?

With bank deposit rates falling, how to save money and manage money has become a hot topic for investors.

In this regard, Dong Ximiao said that in the medium and long term, the decline in the market's risk-free interest rate is the general trend. Therefore, for residents, it is necessary to balance risks and returns to comprehensively allocate assets. If you want to pursue high returns, you must bear high risks; If you want to pursue stable returns, you can appropriately allocate cash management wealth management products, monetary funds, savings bonds and other products in addition to deposits.

It is worth mentioning that in the context of the wave of bank interest rate cuts, the popularity of wealth management products that suffered turmoil due to net destruction last year has rebounded.

According to Xiaowen, at present, compared with the deposit interest rate, the income of wealth management products is more advantageous. For example, the yield of some one-year wealth management products of CMB can reach 3%-3.5%, and the yield of some fixed income insurance is also more than 3%.

Statistics released by Liu Yu's team of GF Securities on May 5 show that as of May 28, the scale of bank wealth management reached 5.26 trillion yuan, an increase of 26 billion yuan over April 6. In April, the scale of bank wealth management increased sharply by 4.30 trillion yuan. (End)