Small and medium-sized banks are lowering deposit rates intensively, making efforts in wealth management to take on customers' assets for "rebalancing".

Since September, the ranks of small and medium-sized banks lowering deposit interest rates have continued to expand. On September 25th, many banks in Henan, such as Luoyang Rural Commercial Bank and Luoning Rural Commercial Bank, announced a reduction in RMB deposit rates, with adjustments covering demand deposits, notice deposits, and various term deposits, with the highest decrease reaching 35 basis points. At the same time, a reporter from Securities Times learned from several bank retail customer managers that there has been a noticeable outflow of retail deposits recently. Therefore, many banks are adopting wealth management strategies to grow the asset management scale of their clients in order to mitigate the negative impact of deposit outflows. From the perspective of the "price comparison effect", bank wealth management products with annualized yields approaching 2% to 3%, as well as mixed-type and equity-type fund products, have shown significant performance, prompting many bank clients to change their investment strategies and make purchases.