China's 'Big Four' Banks Cut Interest Rates
Industrial and Commercial Bank of China, Agricultural Bank of China, China Construction Bank, Bank of Communications, and Bank of China have simultaneously lowered their deposit rates.
On July 25th, the five major banks including ICBC, China Construction Bank, Agricultural Bank of China, Bank of China, and Bank of Communications simultaneously lowered their deposit interest rates. Among them, the three-month, six-month, and one-year fixed deposit rates were all lowered by 10 basis points, respectively 1.05%, 1.25%, and 1.35%; the two-year, three-year, and five-year fixed deposit rates were all lowered by 20 basis points, respectively 1.45%, 1.75%, and 1.8%. This means that if you deposit 1 million yuan for a tenure of 5 years, the interest received will decrease from the previous 0.1 million yuan to 0.09 million yuan, a decrease of approximately 0.01 million yuan.
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Lyon: The central bank optimizes the interest rate system, and the domestic banks are bullish on Agricultural Bank of China and China Construction Bank.
A report released by Lyon states that the People's Bank of China announced a rate cut earlier, with LPR for one-year and five-year terms decreasing by 10 basis points, reflecting the optimization of the interest rate system. The bank expects that the People's Bank of China will take more action, such as optimizing the transmission of interest rates with LPR and deposit pricing. After the United States took rate-cutting measures, the bank believes that the People's Bank of China has greater room for interest rate cuts, which may lead to a decline in net interest margin of banks. Lyon believes that a lower LPR will pose a challenge to net interest margin in the second half of this year and next year. However, in the long run, better transmission means that the bank's asset yield and liability cost are more matched, making banks more
Hong Kong stocks fluctuate | China mainland banking rises again, Agricultural Bank of China (01288) rises by more than 3% during trading, and bank deposit interest rates are expected to usher in a new round of cuts.
China mainland banking is rising again. As of press time, Agricultural Bank of China (01288) rose 2.6% to HKD 3.55; Industrial and Commercial Bank of China (01398) rose 2.07% to HKD 4.43; Bank of Communications (03328) rose 1.92% to HKD 5.84.
Citic Sec: Banks sector is expected to continue to recover positions, recommending two main lines.
As of Q2 2024, banks accounted for 2.45% of the heavyweight stocks held by active funds, up 0.21pct from Q1 2024.
Nanshui sold more than 0.3 billion yuan of Maotai, while Beishui further bought more than 0.4 billion Hong Kong dollars of Tencent.
Track the latest trends of north-south directional funds.
Northbound capital sold a net of 4.183 billion yuan worth of A-shares, and contrary to the trend, increased holdings of BYD Company Limited, Cambricon Technologies, and Agricultural Bank of China.
The northbound funds sold a net of 4.183 billion yuan of A-shares today. Among them, kweichow moutai, wuliangye yibin, and zhongji innolight suffered net sales of 0.336 billion yuan, 0.27 billion yuan, and 0.227 billion yuan respectively. BYD Company Limited, Cambricon Technologies Corporation, and Agricultural Bank of China received net purchases of 0.41 billion yuan, 0.257 billion yuan, and 0.254 billion yuan respectively.
Unusual movements observation | China mainland banking generally rose, the impact of interest rate cuts on bank interest spreads is limited, and state-owned banks are considering lowering deposit listing rates.
On July 23rd, China mainland banking stocks generally rose, as of press time, CQRC Bank (03618.HK) rose 3.63%, reported HKD 4.00; Bank of Chongqing (01963.HK) rose 2.6%, reported HKD 5.13; Agricultural Bank of China (01288.HK) rose 2.35%, reported HKD 3.48; Postal Savings Bank of China (01658.HK) rose 2.19%, reported HKD 4.20; Bank of Communications (03328.HK) rose 1.94%, reported HKD 5.77. Quote source: Futubull. On July 22nd, the latest news
Bank stocks are rising collectively. Bank of Chongqing (01963) rose by 2.8%. Institutions point out that interest rate cuts are not bad for the mid-term fundamentals of banks.
Jinwu Finance News | Bank stocks rise collectively, cqrc bank (03618) up 3.63%, bank of chongqing (01963) up 2.8%, agricultural bank of china (01288) up 2.65%, postal savings bank of china (01658) up 2.19%, bank of communications (03328) up 2.12%, industrial and commercial bank of china (01398) up 2.1%, china citic bank corporation (00998) up 1.98%. GF Sec stated that in the short term, LPR cuts will reduce bank interest rate spreads. If the central bank hedges or the government launches fiscal stimulus, bond yield spreads may widen and interest rate pressure may be alleviated.
Agricultural Bank of China VP Resigns
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GTJA Securities: Diluting the obsession with scale and embracing the new norm of social financing.
PBOC Governor Pan Gongsheng pointed out at the Lujiazui Forum that when the growth of monetary and credit has shifted from supply constraints to demand constraints, if the focus is still on the increase in quantity even in the presence of a "size bias", it obviously contradicts the laws of economic operation. It is expected that the motivation behind banks using bills to pledge loans will significantly weaken, and more attention will be paid to the adjustment of loan structure and improvement of business quality and efficiency. Both social financing and credit will enter a "new normal" of growth.
At the end of June, the balance of foreign currency loans in Shanghai reached 11.85 trillion yuan, up 8.6% year-on-year, according to the Shanghai branch of the People's Bank of China.
On July 15, the Shanghai headquarters of the People's Bank of China released the running status of MMF and crediting in Shanghai for the first half of 2024.
Representatives of high dividend banks have all reached new highs! Institutions say insurance is also underallocated.
On July 15th, high dividend stocks were once again sought after by funds, with high dividend stocks such as Industrial and Commercial Bank of China (601939.SH), Agricultural Bank of China (601288.SH), Bank of China (601988.SH), and China Construction Bank Corporation (601939.SH) all rising.
Hong Kong stock concept tracking | High dividend strategy drives sector to rise during the year. Institutions are bullish on bank dividend trading opportunities (including concept stocks).
Based on the data disclosed in the previous annual report, the six major state-owned banks will have a total dividend amount of up to 413.341 billion yuan this year.
GF Sec: A summary of the quota and usage of interbank certificates of deposit in the first half of 2024.
Under the policy guidance of idle funds pressure, it is unlikely that state-owned banks will update their filing quotas within the year. In history, only a few urban and rural commercial banks have updated their filing quotas due to the scale of their deposit certificates exceeding the filing quotas, and state-owned banks have no precedent yet.
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