10月居民存款减少万亿！高息存款集中到期，居民财富再迁徙

Group 1 - The core viewpoint of the article highlights that as of the end of October 2025, the total social financing scale reached 437.72 trillion yuan, with a year-on-year growth of 8.5%, indicating a continuous decline in growth rate for three consecutive months [2][4]. - The balance of RMB loans to the real economy was 267.01 trillion yuan, growing by 6.3% year-on-year, but the growth rate has also decreased by 0.1 percentage points compared to the previous month [4][5]. - In October, new RMB loans amounted to 220 billion yuan, which is a decrease of 280 billion yuan year-on-year, marking the fourth consecutive month of decline [5]. Group 2 - The report indicates that the structure of social financing has changed significantly, with direct financing channels, including government bonds and corporate bonds, accounting for 44.4% of the total financing in the first three quarters of 2025, an increase from previous years [5][6]. - The People's Bank of China (PBOC) plans to continue optimizing monetary policy and gradually shift focus away from quantity targets, aiming for a moderately loose monetary policy to maintain ample liquidity [6][7]. - There is a notable trend of residents' deposits decreasing by 1.34 trillion yuan in October, while deposits in non-bank financial institutions increased by 1.85 trillion yuan, indicating a shift in deposit behavior due to high trading activity in the stock market [8].