Interbank CDs have had negative net financing for three consecutive months, and the yields of cash management financial products have been continuously decreasing.

In early 2026, there were clear signs of contraction in the interbank liabilities of banks. Wind data shows that the net financing scale of interbank certificates of deposit for state-owned large banks and joint-stock banks has been negative for three consecutive months, and the negative value has been expanding month by month. At the same time, the issuance interest rate of interbank certificates of deposit has continued to decline, reaching around 1.59% by the end of January. Many industry insiders point out that due to multiple factors such as improvements in the deposit end, continued liquidity support from the central bank, and a slower pace of credit expansion, the marginal dependence of banks on interbank liabilities has significantly decreased. The banking system is in a "plentiful money" operating state, which has a series of chain effects on the bond market and wealth management product returns.