5月非银存款创近十年同期新高

Core Viewpoint - The article highlights significant changes in the flow of funds in the financial market, driven by a decline in deposit interest rates, leading to a "deposit migration" effect where individuals and businesses are shifting their funds to higher-yielding financial products like money market funds and cash management products [1][4][5]. Summary by Sections Deposit Growth - As of the end of May, the balance of RMB deposits reached 316.96 trillion yuan, a year-on-year increase of 8.1%, with new deposits in May amounting to nearly 2.2 trillion yuan, which is 500 billion yuan more than the same period last year [1][3]. - Non-bank deposits increased by 1.19 trillion yuan in May, marking the highest level for the same period in nearly a decade, with a year-on-year increase of 300 billion yuan [3][4]. Factors Influencing Non-Bank Deposits - The significant rise in non-bank deposits is closely linked to the increased activity in the financial market and a shift in fund flows, particularly due to the recent round of deposit rate cuts [4][5]. - Analysts suggest that the decline in deposit rates has led residents and some businesses to move their funds from demand deposits to higher-yielding financial products, directly contributing to the substantial growth in non-bank deposits [5][6]. Bank Wealth Management Growth - The continued growth of bank wealth management products serves as strong evidence of the "deposit migration" effect, with a month-on-month increase of 340 billion yuan in May, bringing the total to 31.6 trillion yuan [6]. - The performance of credit bonds has enhanced the attractiveness of wealth management products, providing stable underlying asset returns and improving investor experience, which in turn attracts more funds [6]. Monthly Deposit and Loan Growth Discrepancies - In May, while deposits saw a significant increase, RMB loans rose by only 620 billion yuan, a year-on-year decrease of 330 billion yuan, indicating a divergence in growth rates [12]. - Experts note that the differences in monthly deposit and loan growth reflect the diversification of financial institutions' assets and changes in financing structures, necessitating a long-term perspective on these dynamics [12][14]. Economic Context and Market Sentiment - The resilience in May's data is attributed to a series of financial support measures that have boosted market confidence, leading to signs of recovery in investment and consumption activities [10]. - The overall increase in deposits is also influenced by the gradual release of fiscal funds and the recovery of local government financing, which supports the demand for demand deposits [10][13].