存款去哪儿了？8月央行金融数据揭秘路径：投资等成主要去处

Core Viewpoint - The recent financial data from the central bank indicates a significant increase in RMB deposits, with a notable shift towards more liquid forms of savings, suggesting a potential influx of funds into the capital markets as consumer and investment activities gain momentum [1][3][4]. Group 1: Deposit Trends - In the first eight months of the year, RMB deposits increased by 20.5 trillion yuan, with August alone contributing 2.06 trillion yuan [1]. - Household deposits rose by 110 billion yuan in August, marking one of the lowest monthly increases this year [1]. - The increase in non-bank financial institution deposits, which rose by 1.18 trillion yuan in August, indicates heightened investment activity [3][9]. Group 2: Money Supply Dynamics - The growth rate of narrow money (M1) has rebounded, while the growth rate of broad money (M2) remained stable, leading to a narrowing "scissors gap" between M1 and M2, which suggests more funds are being converted into demand deposits [3][4]. - As of August, M2 stood at 331.98 trillion yuan, growing by 8.8% year-on-year, while M1 reached 111.23 trillion yuan, with a year-on-year growth of 6% [4][8]. Group 3: Investment Shifts - Analysts suggest that the trend of "deposit migration" is becoming evident, with excess household savings potentially moving into the market, estimated at 5 trillion to 7 trillion yuan [3][10]. - The decline in the attractiveness of fixed-term deposits is noted, as lower interest rates have led to a decrease in customers opting for these products [8][9]. - The capital market's increased activity has prompted a shift in the nature of household deposits from savings to trading needs, further accelerating the entry of funds into the market [9][10].