Recently, the interest rates on large certificates of deposit of the four major state-owned banks have been collectively reduced. A reporter visited multiple bank branches in person and found that the interest rates on large certificates of deposit at industrial and commercial banks, cm banks, and other large banks have all dropped to the "1" range, with cm banks even ceasing to offer 3-year term large certificates of deposit. However, local small and medium-sized banks like Bank of Hangzhou still offer the option to purchase large certificates of deposit at a 2.2% interest rate, although sales are also very competitive. An employee at an industrial and commercial bank branch told the reporter that even if the interest rate on large certificates of deposit drops to 1.9%, there are still many customers applying.