Interbank deposit pricing once again draws industry attention; how to standardize fixed-term interest rates becomes the focus

[Caixin] Since the market interest rate pricing self-regulation mechanism (hereinafter referred to as “self-regulation mechanism”) optimized non-bank interbank deposit rate management over a year ago, some demand deposit pricing has decreased, achieving certain cost reduction effects. However, there have also been phenomena of “pressing down the gourd only for it to bounce back,” which have recently attracted attention and discussion.

Recently, Industrial Securities Research published a report reviewing the effects of the previous round of interbank demand deposit self-regulation and exploring possible future directions. Since the new self-regulation rules were released at the end of November 2024, data from the 2025 semi-annual report shows that the cost of interbank liabilities for listed nationwide banks has decreased by about 30-40 basis points (BP), and total liability costs have decreased by about 3-4 BP. Regarding changes in bank liability structures, the average proportion of interbank deposits for listed nationwide banks has decreased from about 10% to about 9%. Among them, large state-owned banks continue to regard interbank deposits as an important liability source, increasing the proportion of fixed-term deposits and extending durations; most joint-stock banks have reduced the scale and proportion of interbank deposits, with an increase in the share of demand deposits.