Several small and medium-sized banks announce reductions in deposit listing interest rates, focusing on high-cost products.

At the beginning of April, many small and medium-sized banks announced reductions in their deposit listing interest rates, with the decrease ranging from 5 to 30 basis points. “The ‘Opening Red’ period has ended, and the banking industry needs to refocus on managing liability costs. Choosing to lower deposit rates at this time can reduce deposit costs and optimize the liability maturity structure,” said Wang Pengbo, Chief Analyst at Botong Consulting, to Securities Times reporters. The recent deposit rate cuts by small and medium-sized banks mainly focus on high-cost products such as three-year, five-year, and negotiated deposits. “It is expected that more small and medium-sized banks will follow suit and lower the annualized interest rates on high-cost deposit products,” Wang Pengbo added. (People’s Financial News)