Recently, there are rumors that the market interest rate pricing self-regulatory mechanism held a meeting to encourage small and medium-sized banks to lower the floating ceiling of deposit interest rates by about 10 basis points (BP).

The Taurus reporter of the China Securities News learned from a number of people in the industry.At present, a number of small and medium-sized banks have received the notice. This requirement is not mandatory, but the banks that make the adjustment may benefit their macroprudential assessment (MPA) assessment.

Several experts said the move was an "alternative interest rate cut" designed to encourage small and medium-sized banks to lower the interest rate on time deposits in order to appropriately cede profits to credit customers and guide the financing costs of the real economy down.

Different banks have different plans.

According to the reporter's understanding, at present, many banks have different response plans. A source from a small and medium-sized bank told reporters: "We have indeed received the guidance of this window, but we are not expected to make any adjustments for the time being." "

There is also a city commercial bank related to said that the bank has made the first adjustment plan, deposit interest rates will certainly be reduced.

What we have learned is that banks that make adjustments may have a MPA bonus of 5 points. In the follow-up, we will also study whether to make adjustments according to our own situation. Another person related to a small and medium-sized bank said.

What is the meaning of encouraging small and medium-sized banks to lower the floating limit of deposit rates by about 10 basis points (BP)? A senior person in the industry revealed to the reporterThe core purpose of this move is to encourage banks to reduce the interest payment rate of time deposits in order to appropriately cede interest to loans and guide the financing costs of the real economy down..

As for the risk of deposit loss caused by the reduction of deposit interest rates by small and medium-sized banks concerned by the market, relevant people from a city commercial bank believe that lowering deposit interest rates will not only reduce the cost of interest payment by banks, but also be beneficial to supervision and assessment, as well as to commercial banks themselves. "it is expected that most small and medium-sized banks will take the initiative to do so, so that the deposit interest rates of small and medium-sized banks in the market will remain basically the same, and the risk of deposit loss is very small. "he said.

Deposit interest rates may be cut.

As early as June 21, 2021, the market interest rate pricing self-discipline mechanism optimized the determination of the deposit interest rate self-discipline limit, changing the deposit interest rate self-discipline limit formed by a certain multiple of the original deposit benchmark interest rate. instead, it is determined by adding a certain basis point on the basis of the deposit benchmark interest rate.

The market interest rate pricing self-discipline mechanism emphasizes that after the implementation of the new deposit interest rate self-discipline ceiling, the deposit interest rate self-discipline ceiling "rises and decreases", and the short-end time deposits and large certificates of deposit interest rates within half a year or less have increased, and the long-term interest rate self-discipline limit of more than one year has declined.

At that time, the reporter conducted a survey of a number of banks and found that the interest rate of more than one-year time deposits was indeed reduced, and the range was relatively large. The account manager of a large state-owned bank in Xicheng District of Beijing told reporters at that time that the bank's annual interest rate on large certificates of deposit with an initial deposit of 200000 yuan for three years was 3.35%, compared with 3.85% for the same type of large certificates of deposit.

Industry insiders said that if the floating ceiling of deposit rates of small and medium-sized banks is reduced by about 10 basis points (BP), the interest rates of these bank deposit products may also be lowered accordingly.

Promote banks to yield profits to the real economy

From the perspective of the real economy, the reduction of the floating upper limit of deposit interest rates of small and medium-sized banks will effectively reduce the cost of bank liabilities and promote banks to benefit the real economy.

In fact, compared with large banks, small and medium-sized banks have more room and scope to increase, and the actual deposit interest rate is higher. Dong Ximiao, chief researcher of China Union Financial Co., Ltd., said that guiding small and medium-sized banks to lower the upper limit of deposit interest rates will help reduce the debt costs of small and medium-sized banks. At the same time, after the debt-side costs are passed on to the asset side, it will also promote small and medium-sized banks to lower lending rates.

From the perspective of deposit collection, Dong Ximiao said that the appropriate reduction of deposit interest rates by small and medium-sized banks will promote the rational development of deposit business compliance, make the deposit market competition more orderly, and promote the downward movement of the interest rate center of the deposit market. In recent years, some banks have adopted many means such as "soliciting deposits with high interest rates" to increase the competition for deposit business, which not only pushes up the real interest rate of deposits, but also accumulates their own operational risks.

Experts stressed that encouraging small and medium-sized banks to lower the upper limit of deposit interest rates will help reduce the irrational competition of small and medium-sized banks and large bank branches for deposits, overcome the "scale complex" and "speed impulse" of debt business, enhance the robustness and sustainability of development, better guard against financial risks and maintain financial stability.