存款再搬家！1月，居民存款少增超过3万亿元

Group 1 - The central bank reported that as of the end of January 2026, the total social financing stock was 449.11 trillion yuan, reflecting a year-on-year growth of 8.2%, indicating support for stable growth in the real economy [5][6] - The broad money supply (M2) increased by 9.0% year-on-year, significantly outpacing the nominal GDP growth rate, which suggests a moderately loose monetary policy is in place to support economic stability [5][6] - In January 2026, new loans in renminbi amounted to 4.71 trillion yuan, a decrease of 420 billion yuan year-on-year, with residential loans contributing 456.5 billion yuan, showing an increase in both short-term and medium-to-long-term loans [5][6] Group 2 - In January 2026, residential deposits decreased by 3.39 trillion yuan year-on-year, while non-bank financial institutions saw an increase of 2.56 trillion yuan in deposits, indicating a shift in deposit allocation among residents [6][7] - The discussion around the maturity of over 50 trillion yuan in fixed deposits has led to a trend of "deposit migration," where residents are reallocating their savings towards higher-yielding assets [6][7] - Analysts suggest that the ongoing low growth rate of residential deposits compared to M2 indicates a potential shift of funds towards enterprises, government, or non-bank financial sectors, with implications for capital market dynamics [6][7]