从央行报告看居民“钱包”变化，2025年更热衷于存还是贷？

Core Viewpoint - The People's Bank of China (PBOC) reported that in 2025, the total increase in RMB deposits reached 26.41 trillion yuan, which is 8.42 trillion yuan more than the previous year, indicating a strong deposit growth despite a significant decline in household loan growth compared to previous years [1][2][5]. Group 1: Deposit Growth - The total RMB deposits increased by 26.41 trillion yuan in 2025, with a year-on-year increase of 8.42 trillion yuan [1][2]. - Household deposits rose by 14.64 trillion yuan, remaining stable compared to the previous year, while the increase is lower than the peak in 2022 [1][5]. - Non-bank financial institutions saw a deposit increase of 6.41 trillion yuan, marking the highest growth since 2015, with a year-on-year increase of 3.82 trillion yuan [1][8]. Group 2: Loan Growth - In 2025, RMB loans increased by 16.27 trillion yuan, which is approximately 1.82 trillion yuan less than the previous year, indicating a slowdown in loan growth [4][5]. - Household loans only increased by 441.7 billion yuan, significantly lower than the nearly 8 trillion yuan peak in 2021, reflecting weak demand in the housing market [4][5]. - The increase in loans in December 2025 was approximately 910 billion yuan, which is significantly higher than November's 390 billion yuan, suggesting a year-end push for credit [4]. Group 3: Monetary Supply - By the end of December 2025, M2 (broad money) reached 340.29 trillion yuan, growing by 8.5% year-on-year, while M1 (narrow money) grew by 3.8% [12][14]. - The M2-M1 gap expanded to 4.7%, the highest level since June 2025, indicating a slowdown in the conversion of funds into demand deposits [12][14]. - The increase in M2 is supported by government bond financing and the introduction of new policy financial tools, which have contributed to deposit growth [13][14].