居民存款“搬家”，钱去了哪儿？央行回应

Core Viewpoint - The discussion around the "50 trillion deposits maturing" has sparked widespread debate among residents regarding the reallocation of deposits, with insights provided by the People's Bank of China (PBOC) in its monetary policy report [1] Group 1: Deposit Trends - In a low-interest-rate environment, there is a notable shift between asset management products and bank deposits, with the growth rate of household deposits declining while asset management products are gaining traction [2] - The report indicates that since 2024, the one-year fixed deposit rate has decreased by 0.5 percentage points, while cash management products continue to offer higher yields compared to bank deposits [2] Group 2: Asset Management Growth - By the end of 2025, the total assets in asset management reached 120 trillion yuan, marking a year-on-year increase of 13.1%, with an additional 13.8 trillion yuan added throughout the year [4] - The funds sourced from households and enterprises for asset management products amounted to 56.3 trillion yuan, reflecting a 9.7% year-on-year growth, which is 2.4 percentage points higher than the growth rate of household and enterprise deposits [4] Group 3: Fund Allocation - Despite the perception of deposits moving to asset management products, the majority of these funds are expected to return to the banking system, with over 80% of asset management products allocated to fixed-income assets [5] - By the end of 2025, the allocation to interbank deposits and certificates of deposit reached 28.7 trillion yuan, an increase of 18.9% year-on-year, indicating a significant shift in asset allocation [5] Group 4: Structural Changes in Deposits - The PBOC explains that the transition of deposits to asset management products does not equate to a loss of funds from the banking system, as these products often lead to increased deposits in banks through non-bank institutions [6] - The report highlights that besides deposit-like assets, bonds, stocks, and non-standardized debt are also significant investment targets for asset management products, showcasing a trend towards diversified asset allocation [6]