Long-term large-denomination certificates of deposit return in, interest rate advantage weakens, liquidity becomes the selling point.

Long-term large-denomination certificates of deposit (CDs), which had once faded from the market, have recently made a return. Since October, joint-stock banks such as Hengfeng Bank and some small and medium-sized banks have successively restarted issuing 3-year and 5-year large-denomination CDs. Unlike the past model of simply attracting depositors with high interest rates, the interest rate premium of large-denomination CDs issued in this round over ordinary time deposits has generally narrowed, and the rates on some products are even lower than the bank's own time deposits of the same tenor. Against this backdrop, the liquidity value brought by the "transferable" mechanism is becoming the core pillar for attracting customers. Under the dual constraints of continued pressure on net interest margins and the concentrated maturity of existing high-interest deposits, banks are leveraging the liquidity premium of large-denomination CDs to seek a balance in asset-liability management between controlling liability costs and stabilizing existing funds.