[China Merchants Bank Peng Jiawen: The most difficult period of interest rate decline has passed and we will strive to stabilize this year] August 31, "Since the beginning of this year, the interest rate spreads in the banking industry have generally stabilized, but there are also some differences. Some banks have begun to rebound, and some are still declining." At the first half performance exchange meeting on August 31, Peng Jiawen, vice president and secretary to the board of directors of China Merchants Bank, said that generally speaking, downward pressure on bank interest rate spreads will still exist for some time in the future. Peng Jiawen said that China Merchants Bank's interest rate spread is currently on the decline, but the decline is narrowing rapidly. The factors leading to the decline in interest spreads mainly come from the asset side. On the one hand, the impact of loan repricing has not been fully digested; on the other hand, insufficient demand for credit has also led to a decline in asset prices. The semi-annual report shows that in the first half of this year, China Merchants Bank’s net interest spread and net interest yield were 1.77% and 1.83% respectively, down 0.02 and 0.05 percentage points year-on-year; interest income was 172.73 billion yuan, down 2.42% year-on-year, and loan interest income was 111.947 billion yuan, down 5.99% year-on-year. The more important factor comes from the bank's own personalized reasons. Peng Jiawen said that the bank's retail credit assets, especially credit card assets, have historically accounted for a relatively high proportion. In the current environment, the growth of assets with higher relative returns has slowed down, which has become a structural pressure for downward interest rate spreads. "The most difficult period for the decline in interest rate spreads has passed. Although interest rate spreads still face certain downward pressure, they will gradually stabilize." Peng Jiawen said that at present, favorable factors for commercial bank interest rate spreads have also emerged. From the perspective of the overall environment, monetary policy support and orderly competition in the industry have standardized Under the policy, bank asset pricing will become more orderly and rational; the impact of loan repricing is expected to be basically digested within this year. If there is no further interest rate cut, the interest rate spread will gradually stabilize. The bank will also make good asset management arrangements and large-category asset allocation, and strive to stabilize the interest rate spread this year.