央行：从资管产品与银行存款的合并视角看流动性总量

Core Viewpoint - The People's Bank of China released the monetary policy execution report for the fourth quarter of 2025, highlighting a notable decline in the growth rate of household deposits in the third quarter of 2025, raising concerns about potential "loss" of bank deposits [1] Group 1: Deposit Trends - In the third quarter of 2025, the growth rate of household deposits showed a high-level decline, leading to increased attention and discussions regarding the "loss" of bank deposits [1] - Over the past year, the scale of asset management products has grown rapidly, indicating a shift in financial asset allocation among residents [1] Group 2: Financial System Liquidity - Viewing the phenomena from the perspective of the combined scale of asset management products and bank deposits provides a better observation of the liquidity status within the financial system [1] - As China's financial market continues to deepen and direct financing accelerates, the diversification of financing channels will lead to a more varied allocation of household savings between bank deposits and financial assets like asset management products [1] - This diversification is expected to directly impact the structure of bank liabilities, although it does not equate to significant changes in the overall liquidity status of the financial system and the real economy [1]