Optimizing the way to determine the upper limit of deposit interest rate and reducing the cost of bank debt

On June 21, the self-regulation mechanism of market interest rate pricing (hereinafter referred to as the "self-regulation mechanism of interest rate") optimized the way of determining the self-regulation upper limit of deposit interest rate, changing the self-regulation upper limit of deposit interest rate formed by a certain multiple of the original deposit benchmark interest rate to a certain base point on the basis of the deposit benchmark interest rate. During the visit, a reporter from China Securities Journal found that many banks have lowered the interest rates of fixed deposits with a term of more than one year.

Experts said that under the new scheme, the deposit interest rate presents the characteristics of "stable in the short end and falling in the long end", which is conducive to promoting the decrease of capital cost of the industry and providing help to support the real economy. At the same time, some interest rate sensitive deposits may migrate to other asset management products, which is expected to benefit the capital market.

Several banks cut deposit rates

After the implementation of the new self-discipline upper limit of deposit interest rate, the self-discipline upper limit of deposit interest rate "rises and falls", the self-discipline upper limit of short term fixed deposit and large deposit certificate interest rate within half a year rises, and the self-discipline upper limit of long term interest rate over one year falls. At the same time, financial institutions can still negotiate with depositors to determine the actual interest rate of deposits within the upper limit of self-discipline. The actual interest rate of deposits may not change greatly.

The customer manager of a large state-owned bank in Xicheng District of Beijing told reporters that at present, the annual interest rate of the bank's three-year fixed deposit is 3.25%, and the annual interest rate of the three-year certificate of deposit starting from 200000 yuan is 3.35%. Previously, the bank's annual interest rate on certificates of deposit of the same type was 3.85%.

According to the account manager of a joint-stock bank, the bank started to deposit 10000 yuan, and the annual interest rates of 1-year, 2-year and 3-year deposit products were 2.25%, 2.85% and 3.5% respectively, all of which were reduced. Previously, the bank's three-year time deposit interest rate was 3.99%.

The customer manager of a joint-stock bank in Xicheng District of Beijing said that the bank started to deposit 50000 yuan, and the annual interest rates of 1-year, 2-year and 3-year deposit products were 2.25%, 2.85% and 3.5% respectively, lower than before. At present, the interest rate of time deposit is implemented according to the latest interest rate. Before the adjustment, the interest rate of time deposit is 50000 yuan. The annual interest rate of 3-year time deposit is 3.85%. If it is a new customer, it can also float up to 3.95%.

Control the cost of bank debt

"Previously, different upward floating caps were set for different types of banks, using" benchmark interest rate + base point "to set different upward floating caps for different types of banks." Dong ximiao, chief researcher of Zhaolian finance, said that the differences are as follows: first, the rules for adding points are more clear and precise, and different ranges of adding points will be set for deposits with different maturities; The second is to guide the downward trend of medium and long-term deposit interest rates.

According to Dong ximiao's analysis, further clarifying the upper limit of deposit interest rate and guiding the decline of medium and long-term deposit interest rate will help restrain the irrational competition behavior of small and medium-sized banks and large bank branches for deposits, overcome the "scale complex" and "speed impulse" of liability business, enhance the stability and sustainability of development, and better prevent financial risks and maintain financial stability. Reducing the "price difference" between short-term deposits and medium and long-term deposits is also conducive to reducing Arbitrage Behavior and making the term structure of bank deposits more reasonable.

Previously, the regulatory authorities adopted a variety of measures to maintain the order of competition in the deposit market and prevent pushing up the cost of bank liabilities, including calling for stop file interest bearing deposit products, regulating structural deposits, Internet platform deposits, etc.

Wang Yifeng, chief banking analyst of Everbright Securities, stressed that effective control of the debt cost of the banking system is the foothold for achieving the unity of serving the real economy and preventing financial risks, and is also the main idea of debt management in the future, so as to realize that on the basis of better serving the real economy, the banking system can reserve sufficient resources to gradually resolve risks, Realize the unity of "promoting profit" and "controlling risk".

Should not be regarded as "interest rate reduction"

Analysts believe that the decline of the upper limit of deposit pricing in the medium and long term of banks can undoubtedly drive down the capital cost of the industry, but it should not be regarded as "interest rate reduction".

Wang Yifeng said that the purpose of the adjustment is to appropriately control the debt cost of the banking system, enhance the sustainable operation ability of tail institutions and maintain the stability of the financial system on the basis of reducing the social financing cost. Combined with the actual implementation of the deposit interest rate of various banks at this stage, the adjustment is more to straighten out the mechanism, which belongs to the gradual reform mode of "small step, slow walk", and will affect the pricing of some liability businesses, but the deposit interest rate level of main banks is generally stable.

Xiao Feifei, chief banking analyst of CITIC Securities, said that the adoption of differentiated constraint requirements on the upper limit of deposit interest rate floating instead of using policy interest rate means can avoid the confusion of market expectations caused by too strong signal significance. At the same time, the new scheme is conducive to restraining the irrational pricing behavior of banks, stabilizing the long-term interest rate of the financial system, and providing help to support the real economy.