China Merchants Bank Halts Issuing Five-Year CDs Amid Narrowing Interest Margins
China Merchants Bank Halts Issuing Five-Year CDs Amid Narrowing Interest Margins
(AsianFin)—China Merchants Bank (CMB) has no longer issued three-year and five-year large-denomination certificates of deposit since the beginning of 2024 as the central bank has kept benchmark interest rates low in the past few years.
(AsianFin) —由於招商銀行（CMB）在過去幾年中一直將基準利率保持在較低水平，自2024年初以來，招商銀行（CMB）不再發行三年期和五年期大面額存款證。
Although three consecutive interest rate cuts in 2023 have made bank deposits much less attractive, many bank customers still prioritize the low-risk and stability of bank deposits. As such, several banks have restricted the issuance of large-denomination certificates of deposit.
儘管2023年連續三次降息使銀行存款的吸引力大大降低，但許多銀行客戶仍然優先考慮銀行存款的低風險和穩定性。因此，幾家銀行限制了大面額存款證的發行。
Experts suggest that banks are compressing funding costs to manage net interest margins.
專家認爲，銀行正在壓縮融資成本以管理淨利率。
Some customers are perplexed by the move. CMB explained that while customer deposit demand remains strong and liquidity is ample, lending activity is subdued. Thus, curbing high-cost medium- to long-term deposits can help manage net interest margins.
一些客戶對這一舉動感到困惑。招商銀行解釋說，儘管客戶存款需求仍然強勁，流動性充足，但貸款活動受到抑制。因此，限制高成本的中長期存款可以幫助管理淨利率。
Large-denomination certificates of deposit in China refer to high-value deposit certificates offered by banks to individuals and institutions. They can be transferred before maturity and typically have higher interest rates than regular fixed-term deposits. The three-year large-denomination certificates of deposit of CMB previously offered a relatively high interest rate of 2.9%.
中國的大額存款證是指銀行向個人和機構提供的高額存款證。它們可以在到期前轉賬，並且通常比定期存款具有更高的利率。CMB的三年期大額存款證此前提供的利率相對較高，爲2.9％。
At present, the bank's large-denomination certificate of deposit products do not include three-year and five-year options. Other banks, like the Industrial Commercial Bank of China (ICBC), still offer three-year options, albeit at the same interest rate as regular fixed-term deposits. CMB's shift towards regular deposits is evident in their financial report, where regular deposits, especially retail ones, have increased significantly.
目前，該銀行的大面額存款證產品不包括三年期和五年期期權。其他銀行，例如中國工商銀行（ICBC），仍然提供三年期期權，儘管利率與定期存款相同。招行向定期存款的轉變在其財務報告中顯而易見，定期存款，尤其是零售存款，已大幅增加。
To cope with narrowing net interest margins, CMB aims to control high-cost deposits and allocate assets effectively, focusing on retail credit assets like credit cards and consumer loans.
爲了應對不斷縮小的淨利率，招商銀行旨在控制高成本存款和有效配置資產，重點關注信用卡和消費貸款等零售信貸資產。
Commercial banks, including CMB , are facing pressure to compress costs due to declining net interest margins. While measures like capping large-denomination certificates of deposit have had some effect, long-term strategies must prioritize reducing reliance on net interest margin income and increasing non-interest or intermediary income.
由於淨利率下降，包括招商銀行在內的商業銀行面臨着壓縮成本的壓力。儘管限制大額存款證等措施已經產生了一些效果，但長期戰略必須優先減少對淨利率收入的依賴，增加非利息或中間收入。
譯文內容由第三人軟體翻譯。