存款搬家引关注，权威人士回应

Core Viewpoint - The article discusses the phenomenon of "deposit migration," which is essentially a reallocation of residents' assets under the influence of interest rate mechanisms, as indicated by a market authority [3]. Group 1: Financial Statistics - In the first three quarters, the increase in RMB deposits reached 22.71 trillion yuan, with household deposits rising by 12.73 trillion yuan, non-financial enterprise deposits by 1.53 trillion yuan, fiscal deposits by 1.37 trillion yuan, and deposits from non-banking financial institutions by 4.81 trillion yuan [3]. - The growth rate of household deposits has slowed compared to previous highs, while non-bank deposits have maintained rapid growth [3]. Group 2: Deposit Migration - The term "deposit migration" refers to the phenomenon where residents convert their savings deposits in banks into other assets based on changes in asset return rates, reflecting a reallocation of their assets [3]. - Over the past 20 years, various asset types such as stocks, real estate, internet financial products, bank wealth management, and funds have served as destinations for the migration of household deposits, with these flows being dynamic and bidirectional based on market conditions [3]. Group 3: Market Dynamics - Experts suggest that deposit migration is a result of relative changes in yields across different financial markets rather than a cause. When expected yields on bonds and stocks rise, there is a tendency to increase holdings in these assets, leading to a corresponding reduction in other assets under budget constraints [4]. - Since 2023, the elasticity of the interest rate differential between deposit rates and other financial asset yields has increased, resulting in frequent occurrences of both "deposit migration" and "reflow" phenomena [4].