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

Postal Savings Bank of China listed three large-denomination certificates of deposit on its official app on Oct. 29, completing the resumption of such issuance by all six of China’s largest state-owned banks. The offerings, with a minimum subscription of 200,000 yuan, include two transferable six-month products at 1.05% and one non-transferable three-month product at 0.85%, all above the bank’s standard deposit rates for matching tenors. Bank of China led the restart on July 1 with its 2026 first tranche, followed by Agricultural Bank, China Construction Bank, ICBC and Bank of Communications.

Original source

AI take

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.

Generated by AI for reference only.

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