Home » Have you saved money yet? Resident deposits increased by 6.2 trillion yuan in January, a record high for the same period

Have you saved money yet? Resident deposits increased by 6.2 trillion yuan in January, a record high for the same period

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The financial data for January disclosed by the People’s Bank of China recently showed that RMB deposits increased by 6.87 trillion yuan in January, an increase of 3.05 trillion yuan year-on-year. Among them, household deposits increased by 6.2 trillion yuan, a record high for the same period in history, an increase of 790 billion yuan year-on-year.

Ming Ming, chief economist of CITIC Securities, said in an interview with People’s Daily Online that there are three reasons for the record breaking of residents’ deposits. Due to the influence of risks and other factors, the willingness of the residents to buy houses has decreased, and the potential house purchase allocation funds have been transferred to savings; third, at the end of 2022, the net worth of financial management has been damaged, causing investors to redeem their financial management to deposits, although the current wave of redemption is basically However, it still has an impact on residents’ asset allocation preferences.

Dong Ximiao, chief researcher at China Merchants Union and a part-time researcher at Fudan University’s Institute of Finance, believes that in terms of short-term factors, it is mainly the impact of the new crown infection and economic downturn. At the same time, affected by the turmoil in the international financial market since 2022, the volatility of my country’s capital market has intensified, and the returns on stocks and funds have dropped significantly. In particular, bank wealth management products have “broken net”, which has led to a decline in residents’ risk appetite and some funds have re-flowed to deposit.

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“The continuous increase in resident deposits has improved the resilience of my country’s economic development and enhanced the ability of the resident sector to resist risks. However, it also reflects the problems of residents’ weakening expectations for the future, insufficient consumption demand, and declining investment willingness. In the next step, targeted measures should be taken to stabilize the economy. Residents’ expectations and confidence will further boost residents’ consumption and investment,” Dong Ximiao said.

Can deposits be released in the future? Which fields will it flow to? Mingming said that considering the general trend of economic recovery and consumption restoration, the improvement of fundamentals in 2023 is expected to drive the release of precautionary savings. In line with the policy guidance support and the increase in consumption scenarios, part of the funds will flow to the consumer sector, and the other part is likely to be converted into investment expenditures as the performance of the financial market improves, and will be used for product allocation such as funds and wealth management.

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Label:Residents; Deposits; Financial management; Savings; Bank financial productsEditor:Tian Yuyang

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