降息推动“存款搬家”效应，5月非银存款创近十年同期新高

Core Insights - The article highlights a significant shift in the flow of funds from traditional bank deposits to higher-yielding financial products such as money market funds and cash management products, driven by declining deposit interest rates [1][4]. Group 1: Financial Data Overview - As of the end of May, the balance of RMB deposits reached 316.96 trillion yuan, reflecting a year-on-year growth of 8.1%, with new deposits in May amounting to nearly 2.2 trillion yuan, an increase of 500 billion yuan compared to the same period last year [2]. - Non-bank deposits saw a substantial increase of 1.19 trillion yuan in May, marking the highest level for the same period in nearly a decade, with a year-on-year increase of 300 billion yuan [3]. - The total scale of bank wealth management products grew by 340 billion yuan month-on-month in May, reaching 31.6 trillion yuan, indicating a strong "deposit migration" effect [4]. Group 2: Market Dynamics - The decline in deposit interest rates has led to a "deposit migration" phenomenon, where both residents and enterprises are moving their funds to higher-yielding financial products [4][6]. - The increase in non-bank deposits is closely linked to heightened activity in the financial markets and a shift in fund flows, as evidenced by the significant rise in bank wealth management products [4][6]. - The overall growth in deposits in May is attributed to multiple factors, including improved market expectations, enhanced economic vitality, and increased demand for "liquid funds" from enterprises and residents [6][7]. Group 3: Loan and Deposit Growth Discrepancies - In May, RMB loans increased by 620 billion yuan, which is a year-on-year decrease of 330 billion yuan, indicating a divergence in the growth rates of deposits and loans [9][10]. - The differences in monthly growth rates of loans and deposits are seen as a reflection of the diversification of financial institutions' assets and changes in financing structures [10][11]. - The overall stability in the growth rate of combined bank deposits and wealth management products remains around 8%, suggesting a balanced financial environment despite monthly fluctuations [10][11].