Deposit interest rates as a whole have entered the “beginning of the letter 1,” but there has been an “increase” in deposit pricing in a small number of small to medium banks. According to various bank announcements and product statistics, since August, Hubei Guanli Agricultural Commercial Bank, Blue Ocean Bank, etc. have raised interest rates on some time deposits, mostly by 5 to 33 basis points. Other banks have re-listed 5-year term deposits, and a number of private banks and foreign banks have issued large deposit certificates with interest rates close to 2%. A number of industry insiders interviewed said that this round of deposit interest rate increases is a phased and structured savings package, not a trend reversal. After all, asset-side returns are still declining, and raising debt costs will further reduce the already meager interest spreads. Some small and medium banks also cut interest rates during the same period.

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