Core Insights - The People's Bank of China (PBOC) reported that as of the end of September 2025, the total social financing stock reached 437.08 trillion yuan, reflecting a year-on-year growth of 8.7%, but the growth rate has declined for two consecutive months [1][2] - New loans and government bond issuances continue to be the main drivers of social financing growth, although the new data for September shows a year-on-year decrease [2] - There has been a significant increase in household deposits, with nearly 3 trillion yuan added in September, attributed to the return of wealth management funds, while deposits in non-bank financial institutions decreased by over 1 trillion yuan [1][3] Social Financing and Loans - In September, new social financing amounted to 3.53 trillion yuan, which is a year-on-year decrease of 229.7 billion yuan [2] - The new RMB loans in September totaled 1.29 trillion yuan, down by 300 billion yuan year-on-year [2] - Household demand for credit remains weak, while corporate loan growth has shown improvement [2] Household Deposits and Financial Trends - The increase in household deposits in September is attributed to the seasonal return of wealth management funds to bank deposits, with a total increase of 2.96 trillion yuan, up by 760 billion yuan year-on-year [3] - Non-bank financial institutions saw a decrease in deposits of 1.06 trillion yuan, down by 1.97 trillion yuan year-on-year, indicating a trend of deposit migration back to banks [2][3] - The stock market remains active, with 2.94 million new accounts opened in September, a year-on-year increase of 60.73% [3]
居民存款单月新增近3万亿 理财资金或回流
Nan Fang Du Shi Bao·2025-10-16 23:16