China’s Big Six Banks Fully Resume Large-Denomination CD Issuance

The significance lies less in the products themselves than in the sequencing: a coordinated, months-long restart across all six state banks signals a managed return of wholesale funding tools after a period of restraint. The pricing above matching deposit rates suggests banks are paying up to attract large-ticket balances, a dynamic that affects corporate and high-net-worth depositors most directly. Whether the transferable structure gains traction relative to the non-transferable tranche is the open question, and how subsequent issuance is priced will indicate whether this is a one-off catch-up or a sustained funding channel.