[Guotai Junan Dong Qi: the current cut in deposit interest rates is in line with the position of "no flooding". Since May 15, the self-discipline limits for agreed deposits and notice deposits of the four major state-owned banks have been lowered by 30BP. In this regard, Dong Qi, chief analyst at Guotai Junan Macro, believes that the reduction in deposit interest rates will not only help to alleviate the narrowing trend of the net interest margin of commercial banks, especially the cost pressure on small and medium-sized banks to attract deposits at high interest rates, but also help to guide the transformation of excess savings into consumer investment, which is in line with the positioning of "not flooding" and "invigorating the stock of funds." At present, the endogenous power of economic repair is still not strong, the pressure of external demand has not been completely alleviated, monetary policy will continue to support economic repair, and the reduction of interest rates is not over with economic repair in the future. In addition, Dong Qi also mentioned that it is not achieved overnight from the reduction of deposit interest rates to the outflow of excess savings, and it needs to be supported by the aggregate policy. At present, the economy still needs to recuperate, especially after the pre-repair of the service industry, which will produce a cycle with the manufacturing industry, leading to an improvement in income expectations, which will eventually lead to the outflow of household and corporate savings. (reporter Huang Jingsi)