破除“存款搬家”误区，央行货币政策报告详解资金流向

Core Viewpoint - The article discusses the recent trends in deposit growth and asset allocation in the context of a recovering capital market, suggesting that the notion of "deposit migration" to the stock market may not be entirely accurate, as it reflects a redistribution of deposits among different entities rather than a net decrease in deposits [3][4]. Group 1: Deposit Trends - The People's Bank of China (PBOC) reported that the slowdown in deposit growth is linked to the adjustment of asset allocation, influenced by interest rate dynamics [3][4]. - Experts indicate that the term "deposit migration" is misleading, as it represents a reallocation of deposits among individuals, enterprises, and non-bank institutions rather than an overall decline in deposits [3][4]. Group 2: Interest Rate Dynamics - The article emphasizes the importance of maintaining a reasonable interest rate relationship across various asset classes, which guides macroeconomic equilibrium and resource allocation [4]. - The market-oriented interest rate system facilitates the flow of funds towards higher return opportunities, thereby influencing investment activities across banking, bond, stock, and insurance markets [4]. Group 3: Investor Behavior - Investors are motivated to maximize returns by converting savings into other assets, particularly when deposit rates decline, leading to increased interest in wealth management products [5]. - Recent trends show a decrease in household deposits and an increase in non-bank deposits, primarily due to regulatory changes affecting interbank demand deposit rates, with non-bank entities favoring time deposits and interbank certificates [5].