Motivation for high interest rates to collect savings weakens the general decline in bank deposit rates in July

category:Finance
 Motivation for high interest rates to collect savings weakens the general decline in bank deposit rates in July


However, the fixed interest rate of commercial banks declined significantly in July with the easing of capital and the expiration of the banks holding time. According to the statistics of 360 data research institutes, in July 2019, the interest rate of fixed deposits of commercial banks fell almost all the way down, and the interest rate of five-year fixed deposits was only 3.298%.

According to Fu Ying, a researcher at Rong360 Institute of Data Research, based on the current macroeconomic situation and monetary policy, it is hard to say that the deposit rate or the large deposit rate will rise in August.

Beijing Agricultural and Commercial Bank ranks first in average value

According to the monitoring data of 360 data research institutes, in July 2019, the interest rates of fixed deposits of commercial banks fell almost all the way down. The average interest rates of three-month deposits and five-year deposits were 1.45% and 3.298% respectively.

The average interest rates of six-month, one-year, two-year and three-year fixed deposits decreased. Compared with June, the interest rates of each term decreased by 0.2BP, 0.1BP, 0.5BP and 1BP, respectively. In addition, the fixed deposit interest rates of three months remained the same as that of June, and only the five-year fixed deposit interest rates increased by 0.9BP.

The report points out that although the average interest rate of five-year fixed deposits has risen, it still hangs upside down from that of three-year deposits. The average interest rate of five-year fixed deposits in July is 6.3BP lower than that of three-year fixed deposits, but the spread narrows compared with June.

Fu Ying believes that the average interest rate of multi-term term term deposits declined in July, mainly affected by several aspects: on the one hand, the market liquidity was loose, capital was abundant, and the overall market interest rate was low; on the other hand, July has passed the mid-year deposit-taking point, and the motivation for banks to increase deposit interest rates was compared with June. There has been a decline.

Among 68 banks in July 2019, Beijing Agricultural and Commercial Bank, Hankou Bank and Hubei Bank ranked the top three in terms of time deposit interest rates below one year. Beijing Agricultural and Commercial Bank, Kunlun Bank and Quanzhou Bank ranked the top three among the two-year and three-year term deposit rates. The highest five-year deposit rate is Quanzhou Bank.

certificate of deposit

Agricultural and commercial banks have the highest average interest rate

In July, the sample of large deposit receipts banks monitored by 360 data research institutes increased to 239. Among them, 92 banks issued large deposit receipts, an increase of 29.6% compared with June, totaling 454, an increase of 8.09%. China Merchants Bank, Everbright Bank and Huaxia Bank ranked the top three in circulation, with 35, 32 and 18 issuance respectively.

Judging from the interest rate of large certificates of deposit, the average interest rate of new issued large certificates of deposit in July rises and falls differently. The six-month, one-year and three-year periods increased by 0.1BP, 0.7BP and 0.1BP, respectively, compared with June, while the one-month, three-month, nine-month, two-year and five-year periods decreased by 1.3BP, 1.2BP, 0.9BP, 1.1BP and 29.9BP, respectively. It can be seen that the interest rate of five-year large deposits has fallen considerably.

According to the types of sub-banks, in July, the average interest rate of large deposit receipts of the Agricultural and Commercial Bank remained at the highest level. The average interest rate of each term rose by more than 53%, and the short-term interest rate of large deposit receipts within one-year period rose by more than 54%. Relatively speaking, the interest rates of large deposit receipts of joint stock banks and foreign banks are low-key and relatively low as a whole.

Our reporter recently visited several banks to investigate the issuance of large deposit receipts. The financial manager of an agricultural and commercial bank told the reporter: At present, large deposit receipts are up by 50% compared with the benchmark interest rate. In the near future, small gifts will be given to customers when handling deposit business.

Motivation of High Interest Rate Storage for Banks

Markedly weakened

Fu Ying believes that under the situation of loose market liquidity, bank funds are more abundant. Compared with June, deposit products generally showed a downward trend in July. Although interest rate varieties of different maturities rose and fell differently, overall, the motivation of banks to raise interest rates and attract deposits at higher interest rates was significantly weakened.

At a press conference on July 12, 2019, Sun Guofeng, Director-General of the Central Banks Monetary Policy Division, responded to the Feds expectations for interest rate cuts by saying that Chinas interest rate level mainly depends on overall market interest rate and real lending interest rate; Chinas interest rate level has been falling. Sun Guofeng pointed out that in the next stage, the Peoples Bank of China will continue to implement a sound monetary policy, closely monitor changes in the economic and financial situation at home and abroad, adhere to the principle of self-centeredness on the premise of balancing internal and external balance, and focus on timely adjustment and fine-tuning according to changes in Chinas economic growth and price situation. We should use a variety of monetary policy combination tools to maintain a reasonable and sufficient liquidity and a reasonable and stable level of market interest rates. At the same time, we should promote the deepening of market-oriented interest rate reform and other measures to ease the transmission of monetary policy to loan interest rates and promote the reduction of the real interest rate of enterprise financing.

According to Fu Ying, based on the current macroeconomic situation and monetary policy, it is difficult to say that the deposit interest rate or large deposit receipt interest rate will rise in August, but the bank will adjust the deposit, large deposit receipt and other kinds of products structurally according to its own debt situation, the deposit interest rate of individual term and large deposit receipt. The product may be up-regulated. With the shift of global monetary policy, we need to pay close attention to domestic monetary policy dynamics.