Many small and medium-sized banks have raised deposit interest rates. Industry insiders say this is not directly related to the resumption of five-year large-denomination time deposits.

Since August, several small and medium-sized banks in Hubei, Guangdong, and other regions have successively raised their deposit rates, attracting market attention. In August, many local commercial banks, rural commercial banks, and village and town banks issued announcements indicating an increase in the rates of listed deposit products or specialty deposit products. Overall, the adjustment range for various banks varies between 10 to 33 basis points. Against the backdrop of an overall decline in macro market interest rates and the continued efforts of the banking industry to reduce liability costs, the approach taken by small and medium-sized banks to go against the trend in deposit rates is quite rare. Industry insiders believe that this move has distinct characteristics of phase-specific deposit attraction and lacks universality, and it is not directly related to the recent collective reintroduction of five-year large certificates of deposit by certain state-owned major banks.