Financial Courier
Guangzhou Daily News (All-media reporter Wang Chuhan) "Since the end of June, the interest rate of large certificates of deposit has been going down. The wealth manager of a large state-owned bank told reporters that the interest rate of large certificates of deposit in the past could reach about 4%, and now the product interest rate is as high as 3.35%.
The reporter found that many banks, including large state-owned banks and joint-stock banks, have significantly reduced the interest rate of large certificates of deposit, and now the interest rate is about 3%. At the same time, the online transfer of large-value certificates of deposit launched by many banks has also been "cold".
According to the data monitored by rong360 digital science and technology research institute, the number of large-value certificates of deposit issued in August 2021 was 367, an increase of 18.77% month-on-month. Compared with July, the average interest rate of the newly issued large-denomination certificates of deposit rose by 0.9BP month-on-month, except for the 2-year large-denomination certificate of deposit, the average interest rate of all other maturities fell month-on-month.
"Since the adjustment of the pricing method of deposit interest rates this year, the long-term interest rate of large certificates of deposit has been reduced." Li Qiming, a researcher at Puyi Standard, analyzed that large-value certificates of deposit are book-entry electronic certificates of large-amount deposits issued by banks for individuals, enterprises and institutional customers, which have the characteristics of high starting point, high interest rate and transferability. The interest rate level of large certificates of deposit is generally higher than that of ordinary fixed deposits, and the medium- and long-term proportion of large certificates of deposit is relatively high, and its storage cost is higher than that of ordinary fixed deposits. If banks want to control the cost of liabilities, they need to control the volume price level of large certificates of deposit, especially for small and medium-sized banks, it will be more difficult to rely on high interest rates to collect deposits. As a result, the interest rate of large certificates of deposit may continue to decline. He suggested that investors who pursue stability can pay attention to banks' medium- and low-risk wealth management products.