18.1%。
This is a new deposit rate in Hong Kong.
When everyone was still paying attention to Shenzhen being crowded by Hong Kong, no one was paying attention, and a group of hidden crowds were surging:
In April, nearly 20,000 mainland customers suddenly rushed to banks in Hong Kong.
So far, after four consecutive interest rate cuts, the three-year and five-year deposit rates of the six major state-owned banks on the mainland have fallen to less than 3 percent, and the one-year deposit rates have also fallen to less than 2 percent.
According to the calculation of a one-year fixed deposit of 1 million, the one-year interest rate is only 14,500 yuan, which is basically negligible for a person who deposits millions.
But.
According to incomplete statistics, the national deposit rate has been lowered by 5 basis points to 45 basis points.
Some people have even begun to pessimistically estimate that in the future, banks will learn from the Japanese model, and in order to maintain interest rate spreads, they will even start to ask customers to pay 'custody fees'.
ONE
There is so much difference in interest rates between the mainland and Hong Kong
First of all, it is necessary to understand that there is an essential difference between the needs of saving money in the mainland and those in Hong Kong.
Not to the needs of ordinary people, but to the needs above.
For the above, it is hoped that the residents of the mainland will spend money.
But there is a saying that says a lot:
"I thought there were tricks up there, and I thought I still had money. ”
Where did this misunderstanding come from?
Statistically, we're really rich.
For example, in terms of deposit data at the end of February, each of us has more than 100,000 yuan in the bank, but.
In terms of the total number of deposits overall, we are not particularly large and belong to the 69th ranked country.
That's where the 'not rich' that I sang before came from.
What's more, there is the law of twenty-eight, and our 'eight' is averaged.
More households are saving well below this level, some in the tens of thousands of yuan.
After experiencing the post-epidemic era, the cost of medical care, education, and even survival are soaring, and in the world of 'eight', they no longer dare to consume.
The top two, looking at everything, the risk is greater than the return, engaging in real estate, real estate thunderstorm, engaging in factories, factories shrinking, and robots replace.
For banks, the decline in interest rates and the fact that everyone goes out to spend is not the main purpose, but
I have been blowing about financial technology for several years, and I found that money is the old business.
Interest margins are one of the main sources of income earned by financial institutions.
'Two' doesn't come to the loan to engage in the company, and 'eight' the interest rate here is high.
In the third quarter of 2023, the net interest margin of commercial banks was 1.73%, a slight decrease of 0.01% from the first and second quarters, the lowest in history.
You can only reduce the deposit interest rate and save your life.
If consumption cannot be boosted, production capacity cannot be expanded, and the so-called boosting domestic demand will become empty talk.
If you can't reach an agreement from top to bottom, then let's just change your thinking, since you want to save money, let the residents save money.
But can you save money to come up with a new path? Who is suitable to be the leader of the new road?
The answer is imminent:
Hong Kong.
TWO
The logic behind the rise in deposit rates in Hong Kong
This year is special, and the world is focused on the Federal Reserve.
Not only investors are watching the Fed, but central bankers in Southeast Asia are also trying to time interest rate cuts to ensure that their currencies do not collapse.
The Fed's delay in cutting interest rates finally points to one result, the dollar is not enough.
Countries that are deeply tied to the dollar are about to collapse.
And at this time, the renminbi quietly appeared.
And the Maldives has made a demonstration effect for all the little brothers-
The Maldives' foreign exchange reserves have been growing in the past, with a further $980 million in 2020. But in just three years, the Maldives' foreign exchange reserves fell to $580 million in 2023, a 41% decrease in three years.
If nothing happens, the Maldives will have only one way to go bankrupt.
In the past, the US dollar raised interest rates, and the US dollar was in short supply in the market. Everyone is in a hurry, but there is no way to make up for it with other currencies.
But the Maldives made a bold decision to swap dollar debt for renminbi debt and trade directly with renminbi.
Get rid of the dependence on the US dollar and move closer to the yuan.
And Hong Kong, which is across the river, can of course consider 'fertilizer water does not flow into the fields of outsiders'.
From the perspective of Hong Kong's own market demand, first of all, Hong Kong, like other financial institutions, is seriously affected by the Federal Reserve.
In 2022, the Federal Reserve staged an epic rate hike. Since March last year, the Fed has raised interest rates seven times in a row, with a total of 425 basis points in 2022.
Following the Fed's interest rate hikes, the Hong Kong Monetary Authority has also raised the base interest rate to varying degrees.
On 15 December 2022, the Fed announced a 50bp increase in the target range for the federal funds rate to 4.25%-4.5%. On the same day, the Hong Kong Monetary Authority announced that it would raise the benchmark interest rate by 50 basis points to 4.75%.
The cost of collecting deposits for banks in Hong Kong is rising, and there is an urgent need to collect deposits.
On the other hand, the demand for deposits is extremely high among the inland residents who are separated by a 'customs'.
It belongs to Wang Ba to look at the mung beans, right eyes.
The two places should not only be connected by Sam's Supermarket and Master Bao, but also by finance.
In 2015, Hong Kong has already fought a shallow battle, and as an offshore RMB center, RMB business has also developed rapidly.
The Cross-boundary Wealth Management Connect is a matter of course.
In March, the reins of '1.0' were still tighter.
In April, the reins of '2.0' were lifted and the results came out immediately, with Hong Kong banks aggressively launching 18.1% high-interest rate deposits, and 10% deposit rates were everywhere.
Mainland residents buy Hong Kong's wealth management products, "Southbound Scheme". Hong Kong residents buy wealth management products from the mainland, "Northbound Scheme".
As expected, the number of customers under the Southbound Scheme has increased by nearly 12 times, and it has rushed into Hong Kong.
As of April 22, the net outflow of Southbound Trading was RMB31.27 billion, accounting for 20.85% of the total quota.
THREE
Don't be surprised
Azu reminds:
To buy high-interest deposit wealth management products such as 18.1% and 13%, you must first be a resident of the nine districts of the Greater Bay Area (or meet the social security conditions) and open an account at a designated outlet.
Secondly, this high interest rate discount belongs to the 'new user limited-time benefit', which is not the norm.
For specific purchase conditions, it is recommended to go to major banks to check, and the general requirements given online may not be accurate.
For example, the eye-catching 18.1% this time is an activity launched by Hong Kong's digital bank, which needs to complete the specified tasks, which is more troublesome.
Standard Chartered's interest rate of 13.8% is for "Preferred Private Banking" customers.
From the volume of the house to the volume of deposits, mainland customers have contributed a lot of strength.
Regardless of whether it is recognized or not, Hong Kong and the mainland are now inseparable and cannot be separated.
Hong Kong, because it is not entirely a landlocked model, has become a gap for the mainland to open up the world, and one country, two systems, in the future, may become a new template for breaking through world problems.