The interest rate of large denomination certificates of deposit has entered the era of "zero", and banks are implementing a combination strategy of "short-term, high threshold, and low interest rates" to initiate deep adjustments on the liability side. At the beginning of 2026, the first products released by over 40 banks showed that interest rates below 1 year generally fell below 1%, those below 3 years were mostly below 2%, and those below 5 years were almost extinct, while products with a minimum deposit of one million yuan quietly emerged. Industry experts point out that this structural change is an inevitable choice for the banking industry to cope with the downward trend of financing costs in the real economy and achieve stable operation under the severe pressure of a net interest margin of less than 1.5%. Looking ahead to the whole year, experts generally believe that under the dual effects of a moderately loose monetary environment and sustained pressure from bank interest rate differentials, low interest rates on large denomination certificates of deposit will become the norm, marking a profound restructuring of the logic of resident asset allocation and bank liability management models. According to data from China Money Network, the current issuance of large denomination certificates of deposit shows significant short-term characteristics, with most banks focusing on short-term products with a maturity of 1 year or less, while the issuance of 3-year certificates of deposit has sharply decreased, and 5-year products have almost disappeared. For example, China Merchants Bank only provides products with a term of less than 2 years; The product terms for sale by Bank of China are 6 months, 1 year, 2 years, and 3 years; Construction Bank only offers products with a maturity of 1 year or less for selection. The interest rate curve is also accelerating its downward trend. At present, the annual interest rate of 1-month and 3-month large denomination certificates of deposit for sale by state-owned banks such as Industrial and Commercial Bank of China, Agricultural Bank of China, Bank of China, and Construction Bank has been uniformly anchored at 0.9%. This means that by depositing 200000 yuan and holding it for 3 months, the interest earned is only 450 yuan, and the return is almost the same as that of a regular fixed-term deposit of the same period. Small and medium-sized banks that used to play the role of "interest rate highlands" have also significantly converged. Recently, the interest rates of 3-month products issued by several rural commercial banks in Yunnan have dropped to the range of 0.93% to 0.95%, collectively entering the "zero sign". This trend is also an extension of the continuous decline in deposit interest rates since 2025. According to monitoring data from the Rong360 Digital Technology Research Institute, in September 2025, the average interest rate for bank deposits and withdrawals has dropped to below 2% across all periods, with an average interest rate of 0.944% for three-month periods, 1.277% for one-year periods, and 1.688% for three-year periods. In contrast to the general reduction in interest rates and shortened maturities, some banks have raised the minimum deposit threshold for specific products in reverse. Although 200000 yuan is still the basic admission line, a 3-year product with an annual interest rate of 1.55% from Industrial and Commercial Bank of China set a minimum deposit threshold of 1 million yuan and quickly sold out. Agricultural Bank of China even launched the "Golden Harvest" series of products with a minimum deposit of 5 million yuan. This strategy of "matching low interest rates with high thresholds" highlights the refined shift of bank liability management. Dong Ximiao, Chief Researcher of Zhaopin, believes that during the period of market interest rate decline, relatively high interest large denomination certificates of deposit have become scarce resources. By significantly increasing the minimum deposit amount, banks are essentially conducting customer segmentation screening, effectively guiding ordinary depositors' funds to flow to other low-cost liabilities while maintaining high-end customers, thereby systematically reducing the overall cost of debt. The macro policy orientation and practical operational pressure constitute the core driving force behind the current round of adjustment in the banking industry. According to data from the State Administration of Financial Supervision and Administration, as of the end of the third quarter of 2025, the net interest margin of commercial banks has narrowed to a historical low of 1.42%. Previously, several bank executives have clearly stated at the third quarter performance briefing in 2025 that they will increase efforts to reduce high cost deposits, which will be quickly implemented in the product layout at the beginning of 2026. In the view of Lou Feipeng, a researcher at China Postal Savings Bank, the net interest margin of banks is facing continuous downward pressure, and reducing high cost liabilities such as large certificates of deposit has a significant effect on stabilizing the interest margin. At a deeper level, this adjustment aligns with the policy framework of financial concessions to entities. In recent years, the management has continuously guided the steady decline of loan interest rates to reduce social financing costs. To ensure the sustainability of this process, it is necessary to simultaneously promote the market-oriented adjustment of deposit interest rates, alleviate the pressure on the bank's liability side, and create space for further concessions on the asset side. The Chief Economist of CITIC Securities clearly pointed out that the process of reducing deposit costs will continue in the future, but the approach may shift from general interest rate cuts to structural adjustments, such as controlling the scale of long-term high interest products and dynamically adjusting product thresholds. When it comes to the trend of large denomination certificates of deposit in 2026, Lou Feipeng predicts that the interest rate of large denomination certificates of deposit will continue to operate at a low level throughout the year. Although some banks may issue products with slightly higher interest rates due to short-term liquidity needs, the overall interest rate center is unlikely to significantly rebound. This judgment is based on a dual logic support: on the one hand, the current monetary policy will continue to provide ample liquidity, and the overall market interest rate system will remain low; On the other hand, under the policy goal of supporting high-quality development of the real economy, the asset yield of banks is still under pressure, and debt cost management will become a long-term business theme. Looking ahead, the differentiated pricing of bank deposit products will be more refined, and banks will implement more flexible liability strategies based on their own asset liability structure, customer base, and market positioning. (New Society)