The net financing volume of interbank deposits last week was $413.4 billion, a record high since March. Since April, financial resources for some commercial banks have become tight due to capital disclosure. The size of commercial banks' statutory reserves dropped by 267.4 billion yuan in April. Guohai Securities Research Institute said that there are three main reasons for the large-scale transfer of funds from within bank accounts to off-balance sheets. One is that after the end of the first quarter, bank funds tend to be released, and the scale of financial management grows seasonally. Second, regulations are tightening the determination of insurance asset management deposits, and promoting the transfer of some bank accounts to off-balance sheets. Third, in April, regulations cracked down on “manual interest compensation,” further speeding up the transfer of funds off-balance sheet. The trend of issuing funds in this round may continue until the beginning of the third quarter. In the medium term, with the end of the “patching” reform, a new round of deposit listing interest rate cuts may arrive. Although the pressure on the supply of interbank deposits has increased, benefiting from overall financial easing among banks, demand for interbank deposits is strong, showing a pattern of “strong supply and demand”, and there is little risk of rising interest rates.