Recently, as short-term national bond interest rates have rapidly decreased, the cost-performance ratio of interbank certificates of deposit has improved. Due to changes in the supply and demand pattern, liabilities of non-bank institutions are relatively abundant compared to banks, resulting in a slower decline in deposit rates, with some short-term certificates even showing inversion, making them a good choice for stable funding transitions at the end of the year. According to Wind data statistics, last week the issuance rates of 1-year deposits for state-owned banks, joint-stock banks, city commercial banks, and rural commercial banks were 1.64%, 1.66%, 1.86%, and 1.89% respectively, a decrease of 5.5bp, 4.81bp, 6.82bp, and 8.21bp compared to the previous period, slower than the drop of over 10bp for 1-year national bonds within the week. Since the recent regulatory adjustment has increased the issuance record quota for deposits from several banks including China Construction Bank, Bank of China, Huaxia Bank, Bohai Bank, and Hengfeng Bank, this has significantly eased the pressure on banks’ liability gaps at the end of the year. Currently, the spread between 1-year deposits and 7-day OMO is 12.5bp, which is lower than the average for this year (33.78bp). Many industry insiders believe that the central bank is adopting a moderately loose monetary policy, and once the reserve requirement ratio and interest rate cuts take effect, there is still room for deposit rates to decline. The current inversion of the 3M deposits may be an excellent choice for stable allocation at the end of the year.