Interest rates drop to a "single-digit" figure, prompting people to move their savings to large asset management companies.

Following the latest round of deposit rate cuts by state-owned and joint-stock banks, small and medium-sized banks have also quickly followed suit. Recently, a number of listed city commercial banks, rural commercial banks, and local small and medium-sized banks have gradually entered the era of "single-digit" deposit rates. The repeated lowering of deposit rates has also led to an increase in the potential effect of deposit relocation. A customer manager at a joint-stock bank told Securities Times reporters that in recent times, many customers have chosen to cancel their time deposits upon maturity and transfer their deposits of millions into wealth management products. Some banks have also increased their marketing efforts for additional life insurance products. In addition, following the recent reduction in deposit rates, the interest rates for interbank certificates of deposits issued by some banks have risen, reflecting an increase in pressure on bank funding.