人民银行：存款“流失”应从资管产品与银行存款合并角度看待

Core Viewpoint - The People's Bank of China (PBOC) released the monetary policy execution report for the fourth quarter of 2025, highlighting a notable decline in the growth rate of household deposits and an increase in asset management products, indicating a shift in financial asset allocation among residents [1] Group 1: Deposit Trends - In the third quarter of 2025, the growth rate of household deposits showed a high-level decline, raising concerns about potential "loss" of bank deposits [1] - The rapid growth of asset management products over the past year suggests a changing landscape in how residents allocate their savings [1] Group 2: Financial Market Dynamics - The PBOC noted that as China's financial market deepens and direct financing develops, the channels for financing have become more diverse, impacting the structure of bank liabilities [1] - The allocation and selection of household savings between bank deposits and asset management products will become more diversified, which may not directly equate to significant changes in the liquidity of the entire financial system and the real economy [1] Group 3: Monetary Conditions - The current social financing environment remains relatively loose, with stable financial support for the real economy [1] - A more diversified observation of asset and liability combinations will facilitate a better overall assessment of actual monetary and financial conditions [1]