央行：即使部分存款转向理财、资管产品 最终会回流到银行体系

Core Insights - The People's Bank of China (PBOC) has addressed the recent phenomenon of household savings deposits flowing into asset management products, indicating that this shift does not necessarily lead to a net loss of deposits in the banking system [1][4] Group 1: Deposit Trends - In Q3 2025, the growth rate of household deposits has shown signs of decline, raising concerns about potential "loss" of bank deposits [1] - Since 2024, the interest rates on deposits have been decreasing, with a cumulative drop of 0.5 percentage points for one-year fixed deposits, while cash management products continue to offer higher yields [1][2] Group 2: Asset Management Products - By the end of 2025, over 80% of asset management products were allocated to fixed income assets, with a significant portion directed towards interbank deposits and certificates of deposit, totaling 28.7 trillion yuan, a year-on-year increase of 18.9% [2] - The total assets of asset management products reached 120 trillion yuan by the end of 2025, reflecting a year-on-year growth of 13.1% and an increase of 13.8 trillion yuan over the year [2][3] Group 3: Funding Sources - The balance of funds raised from households and enterprises for asset management products reached 56.3 trillion yuan by the end of 2025, marking a year-on-year increase of 9.7%, which is 2.4 percentage points higher than the growth rate of household and enterprise deposits [3] - The increase in funds from households and enterprises from early 2024 to the end of 2025 amounted to 9.4 trillion yuan [3] Group 4: Financial Market Dynamics - The ongoing development of direct financing and non-bank business in China has led to a more diversified social financing environment, necessitating a broader assessment of liquidity that includes both direct and indirect financing [3][4] - The PBOC emphasizes that the evolving financial market and the diversification of financing channels will influence the structure of bank liabilities, although this does not directly equate to changes in the overall liquidity of the financial system [4]