According to Jinshi Data, since May 20, many urban and rural commercial banks and private banks have quickly followed suit to lower deposit rates, with some banks reducing their rates by as much as 30 basis points. Compared with the deposit rate cut in October last year, this round of rate cuts is characterized by "large amplitude and fast follow-up", reflecting that the banking industry is facing greater pressure on net interest margins. Industry insiders pointed out that this round of relatively large deposit rate cuts may trigger a significant deposit relocation effect.