9月末M1增速升至7.2% 专家释疑居民存款“搬家”

Core Insights - The People's Bank of China reported a significant increase in narrow money (M1) growth, which rose by 7.2% year-on-year as of the end of September, marking a substantial acceleration of 1.2 percentage points from the previous month and a 7.1 percentage point increase from the year's low in February [1] - The narrowing of the "scissors difference" between M1 and broad money (M2) to 1.2 percentage points in September indicates a recovery in corporate production and personal consumption demand [1] - The revised M1 statistics now include both corporate and personal demand deposits, reflecting changes in deposit behaviors amid a recovering capital market and declining interest rates [1] Financial Market Dynamics - The concept of "deposit migration" represents a reallocation of residents' assets, where individuals shift savings from banks to other assets based on changes in return rates [2] - In the first three quarters of this year, resident deposits increased by 12.73 trillion yuan, showing a notable growth compared to the previous eight months, while deposits in non-bank financial institutions rose by 4.81 trillion yuan, indicating a decline in growth compared to earlier in the year [2] - Experts suggest that "deposit migration" is a result of changes in yield relationships across different financial markets, leading funds to flow from lower-yielding assets to higher-yielding ones [2]