The newly released CPI is back to “4 Times”. Sun Guofeng, director of the Monetary Policy Department of the People ’s Bank of China, emphasized again at a press conference on April 10 that the benchmark deposit rate is the ballast of China ’s interest rate system and plays an important role in maintaining the normal order of the deposit market and preventing irrational competition Keep it for a long time.
He also pointed out that the benchmark deposit rate has not been adjusted since October 2015, but it does not mean that the deposit rate actually implemented by the bank has not changed.
“Actually, the upper and lower limits of the deposit interest rate have been liberalized. Banks can set their own floating prices. From the perspective of the actual listed interest rate of the bank, the deposit interest rate of each term Nor has it reached the top, especially for large state-owned commercial banks. The fixed deposit interest rate is mostly about 1.3 times the benchmark deposit interest rate. The current deposit interest rate is still lower than the benchmark deposit interest rate. It can also be observed recently that some banks have already The decline in the actual interest rate for deposits reflects that the market mechanism is working. “Sun Guofeng said that on this issue, we must believe in the market.
Sun Guofeng said that with the recent central bank orderly guiding the overall market interest rate to fall, the interest rates of some market-priced deposit products such as money market funds and structured deposits have dropped significantly The yields of Yu’ebao and WeChat Wealth Management have been reduced to less than 2%, which is lower than the actual implementation rate of one-year bank deposits. The market interest rate and deposit interest rate are achieving a two-track integration.
At the same time, with the deepening of LPR reform, the marketization level of interest rates in the loan market has improved significantly and has been in line with the market.
“As the market interest rate declines overall, the bank ’s loan income will decrease, and in order to keep up with the asset return, the bank will also appropriately reduce its debt cost. By increasing the deposit interest rate As a result, the incentive to reserve reserves will also decline, which will lead to a downward interest rate on deposits. This shows that the reform of the interest rate in the loan market has also played an important role in promoting the marketization of the deposit interest rate. “” Sun Guofeng said.