Multiple small and medium-sized banks announce a reduction in deposit floating interest rates, focusing on high-cost products.

At the beginning of April, several small and medium-sized banks announced that they would lower their deposit interest rates, with reductions ranging from 5 to 30 basis points. "After the 'opening season', the banking industry needs to refocus on controlling liabilities costs. At this time, choosing to lower deposit interest rates can reduce deposit costs and optimize the liability term structure," said Wang Pengbo, chief analyst at Bocom Consulting, to Securities Times reporters. This round of deposit rate cuts by small and medium-sized banks also focused on high-cost products such as three-year, five-year, and demand deposits. "It is expected that more small and medium-sized banks will follow suit in lowering the annualized interest rates of high-cost deposit products," Wang Pengbo said.