Where should I put the money in the future?, The six major banks collectively lowered their deposit listing interest rates. Agricultural Bank of China | State owned | Six major banks

The bank deposit interest rate has dropped again.

After several small and medium-sized banks successively lowered interest rates, on June 8th, six state-owned banks, including Industrial and Commercial Bank of China, Agricultural Bank of China, China Construction Bank, Bank of Communications, and Postal Savings Bank, collectively lowered their deposit listing rates. After the 5-year fixed deposit interest rate was lowered, it was only 2.5%.

While some depositors lament that they have saved early, there are also those who are hesitant about how to invest their money in the future? Will interest rates continue to fall?

Banks have repeatedly lowered interest rates

Fixed deposit interest rates bid farewell to the "three eras"

In this round of adjustment, the six major banks have lowered the RMB current deposit interest rate by 5 basis points to 0.20%, the two-year RMB fixed deposit interest rate by 10 basis points to 2.05%, and the three-year and five-year listed interest rates have both been lowered by 15 basis points to 2.45% and 2.5%, respectively.

This is the second collective interest rate cut by state-owned banks since September 15th last year. Even large certificates of deposit, which have been highly sought after due to the "high interest" label and are even difficult to obtain, have dropped this time. Agricultural Bank of China, China Construction Bank, Industrial and Commercial Bank of China and other banks have lowered their interest rates on three-year large deposit certificates to within 3%.

In fact, before the current round of interest rate cuts by state-owned banks, local small and medium-sized banks have already launched multiple rounds of interest rate cuts this year. Since April alone, dozens of small and medium-sized banks in Henan, Hubei, Shaanxi and other regions have announced adjustments to deposit interest rates. In June, several rural banks in Xinjiang, Inner Mongolia, Jilin and other regions announced a partial reduction in the interest rate of fixed-term deposits, with the decline mainly ranging from 5 basis points to 30 basis points.

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

In addition, joint-stock banks such as Bohai, Hengfeng, and Zheshang simultaneously lowered their deposit listing rates in May. Among them, the interest rate of 3-year fixed deposit products decreased from the highest of 3.25% to 2.9% and 2.95%, respectively.

"The deposit interest rate has been decreasing, and some products with higher interest rates, such as large certificates of deposit, require advance booking, which is difficult to seize." Xiaowen, a teller at a Beijing branch of China Merchants Bank, reported to Zhongxin Finance.

Expert: Beneficial for promoting investment and consumption

Experts generally believe that lowering deposit interest rates is a necessary and positive approach. There is still room for further reduction in the future.

Dong Ximiao, Chief Researcher of Zhaolian Finance, stated in an interview with China News Finance that since the beginning of this year, the scale of China's banking industry has grown rapidly, but the profit growth rate has slowed down, and some provinces have seen negative profit growth in the banking industry. In addition, the net interest margin of commercial banks decreased quarterly last year. It is still necessary to slow down the pressure of narrowing interest rate spreads and maintain a stable development trend by lowering deposit interest rates and lowering debt costs.

Yang Delong, Managing Director and Chief Economist of Qianhai Open Source Fund, believes that banks have repeatedly lowered deposit interest rates this year, mainly targeting the rapid increase in resident deposit amounts in the past two years. Lowering deposit interest rates is conducive to promoting the entry of funds into the investment sector and for use in the real economy, as well as stimulating consumption.

At the same time, in the context of the first quarter meeting of the Central Bank's Monetary Policy Committee pointing out the important role of the market-oriented adjustment mechanism for deposit interest rates, Dong Ximiao believes that the further reduction of deposit listing rates by large commercial banks is a specific measure to play the role of the market-oriented adjustment mechanism for deposit interest rates, which is in line with policy guidance.

Dong Ximiao predicts that there is still a possibility of further decline in deposit interest rates in the future. However, considering that loan interest rates are currently at a low level, the space for future declines is relatively limited.

Dong Ximiao also mentioned that large commercial banks are the mainstay of China's banking industry, with debt scale accounting for nearly half of the entire industry and having a significant market influence. After large commercial banks lower their deposit listing rates, it is expected that small and medium-sized banks will follow suit in lowering deposit rates.

Where should I put the money in the future?

With the decline of bank deposit interest rates, how to save money and manage finances has become a hot topic of discussion among investors.

Regarding this, Dong Ximiao stated that in the medium to long term, a decrease in risk-free interest rates in the market is the trend. So for residents, it is necessary to balance risk and return in order to comprehensively allocate assets. If you want to pursue high returns, you must bear high risks; If you want to pursue steady returns, you can properly allocate cash management financial products, monetary funds, savings treasury bond and other products in addition to deposits.

It is worth mentioning that, against the backdrop of a wave of interest rate cuts by banks, the popularity of wealth management products that were hit hard last year due to net asset losses has rebounded.

According to the article, currently, compared to deposit interest rates, wealth management products have more advantages in terms of returns. For example, the current one-year investment products of China Merchants Bank can achieve a yield of 3% -3.5%, and some fixed income insurance products also have a yield of over 3%.

According to the statistical data released by Liu Yu's team from Guangfa Securities on May 28th, as of May 26th, the scale of bank wealth management reached 26.6 trillion yuan, an increase of 400 billion yuan compared to April 30th. In April, the scale of bank wealth management significantly increased by 1.2 trillion yuan.