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][6]. Group 1: 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]. - The total scale of bank wealth management products grew by 340 billion yuan month-on-month in May, reaching 31.6 trillion yuan, further evidencing the "deposit migration" effect [6]. Group 2: Factors Influencing Deposit Changes - Analysts attribute the significant changes in non-bank deposits to increased market activity and shifts in fund flows, particularly due to the recent round of deposit rate cuts, which has led to a decrease in deposit yields [4][5]. - The decline in deposit rates has prompted residents and businesses to move their funds from demand deposits to higher-yielding financial products, thus driving the substantial growth in non-bank deposits [6][10]. - The increase in household deposits by 470 billion yuan in May, along with a decrease in non-financial corporate deposits by 417.6 billion yuan, reflects a complex interplay of seasonal factors and economic conditions [8][9]. Group 3: Loan Growth Dynamics - In contrast to the significant increase in deposits, RMB loans rose by 620 billion yuan in May, which is 330 billion yuan less than the same period last year, indicating a divergence in deposit and loan growth [12]. - The disparity in monthly growth rates of deposits and loans is seen as a reflection of the diversification of financial institutions' assets and changes in financing structures [12][14]. - The overall average growth rates for deposits and loans since 2021 have been approximately 9% and 9.6%, respectively, suggesting a long-term balance despite monthly fluctuations [12][13].