存款搬家引关注，权威人士：系资产重新配置

Core Insights - The phenomenon of "deposit migration" is a result of relative changes in yields across different financial markets rather than a cause [1][2] - The People's Bank of China reported an increase of 22.71 trillion yuan in RMB deposits in the first three quarters, with household deposits rising by 12.73 trillion yuan [1] - The growth in non-bank financial institution deposits is attributed to the increased regularization of non-bank deposits and a rise in interbank certificates of deposit [1] Summary by Sections Deposit Growth - In the first three quarters, household deposits increased by 12.73 trillion yuan, non-financial enterprise deposits by 1.53 trillion yuan, fiscal deposits by 1.37 trillion yuan, and non-bank financial institution deposits by 4.81 trillion yuan [1] Market Dynamics - Recent months have seen a decline in the growth rate of household deposits, while non-bank deposits have maintained rapid growth [1] - The concept of "deposit migration" is described as a reallocation of assets by residents in response to changes in asset return rates, reflecting a dynamic two-way flow of funds among various asset types [1] Financial Asset Yield Changes - Experts indicate that "deposit migration" occurs when the yield differential between deposit rates and other financial asset returns increases, leading to a shift of funds from lower-yielding to higher-yielding assets [2] - Since the beginning of 2023, the elasticity of the yield differential between deposit rates and other financial assets has increased, resulting in frequent occurrences of "deposit migration" and "reflow" [2]