A rural bank in Inner Mongolia has cancelled its five-year fixed-term deposit product.

Reporters noticed that recently, the Yinyin Village Bank in Tuyou Banner issued a notice stating that starting from November 5th, the five-year fixed-term deposit will be cancelled. While searching through public channels, reporters found that this is the first case in the industry where a 5-year fixed deposit product has been explicitly cancelled. Industry insiders believe that this may be related to expected future interest rate declines and pressure on interest rate spreads.