Xinhua News Agency, June 6, a number of major state-owned banks will cut some deposit rates in recent days, involving RMB and US dollar currencies. Among them, the interest rate on RMB demand deposits has been reduced by 5 basis points, and the interest rate on some time deposits has been reduced by 10 basis points. Us dollar time deposits have also been reduced according to different terms and sizes, and the one-year time dollar deposit interest rate of more than US $50,000 (inclusive) is no higher than 4.3%. Previously, the interest rate of some big banks could reach as high as about 5%. Analysts said that since the beginning of 2023, due to the weakening of the economic recovery, the low willingness of residents to consume and enterprises to invest, and the weak demand for currency transactions, both corporate and household deposits continue to show obvious fixed-term characteristics. For the head bank, it is more obvious to be dragged down by the fixed deposit because of the higher proportion of core debt. At present, the long-end interest rate of core deposits is significantly higher than the market interest rate, and the necessity of adjustment is enhanced under the background of fixed deposits. (Securities Times)