From adjusting interest rates to controlling costs, some small and medium-sized banks are lowering deposit interest rates

According to China Securities Journal, since March of this year, several small and medium-sized banks such as Heilongjiang Youyi Rural Commercial Bank, Nanjing Pukou Jingfa Village Bank, and Shanghai Huazhu Bank have lowered their deposit interest rates. After this adjustment, some small and medium-sized banks’ deposit rates have entered the “1” range, with all fixed-term deposit rates below 2%. Industry insiders say that the concentrated reduction in deposit interest rates by small and medium-sized banks may seem like a change in interest rate figures, but it actually reflects a profound transformation in China’s banking development philosophy.