银行存款“流失”？央行回应

Core Viewpoint - The People's Bank of China (PBOC) has responded to concerns about the "loss" of bank deposits, indicating that the rapid growth of asset management products (AMPs) is a result of investors balancing returns and risks in a market with declining deposit rates [1][2]. Group 1: Asset Management Products Growth - The scale of AMPs has increased significantly, with total assets reaching 120 trillion yuan by the end of 2025, marking a year-on-year growth of 13.1% and an increase of 13.8 trillion yuan over the year, which is 2.2 trillion yuan more than the previous year [1][4]. - The growth of AMPs has been particularly strong in the second quarter of 2025, with the growth rate reaching the highest level since the implementation of new AMP regulations [1]. - By the end of 2025, over 80% of AMPs were allocated to fixed-income assets, with 28.7 trillion yuan directed towards interbank deposits and certificates of deposit, reflecting an 18.9% year-on-year increase [4]. Group 2: Impact on Bank Deposits - The PBOC noted that the shift of household and corporate assets from bank deposits to AMPs is a trend where AMPs and bank deposits exhibit a "mutual exclusion" dynamic [2][5]. - The decline in deposit rates, with a cumulative drop of 0.5 percentage points for one-year fixed deposits since 2024, has led to increased investment in AMPs, which generally offer higher returns [2]. - The PBOC emphasized that even if deposits are converted into AMPs, the funds often flow back into the banking system through interbank deposits and certificates of deposit, maintaining overall liquidity in the financial system [4]. Group 3: Financial Market Dynamics - The ongoing deepening of China's financial markets and the acceleration of direct financing are leading to a more diversified allocation of household savings between bank deposits and AMPs [5]. - The current financing environment remains relatively loose, and the financial support for the real economy is stable, suggesting that the structure of bank liabilities will be directly influenced by these shifts in asset allocation [5].