"Deposit migration" accelerates - The difference between the growth rate of household deposits and M2 growth rate turns negative for the first time in 7 and a half years
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The report from Galaxy Securities shows that in January, the growth rate of household deposits dropped to 7.18%, a significant decrease from the previous value of 9.68%. The difference between the growth rate of household deposits and M2 growth rate turned negative for the first time, reaching -1.82 percentage points, marking a return to negative values after seven and a half years. The rolling sum of new non-bank deposits over 12 months has risen rapidly. CAITONG SECURITIES pointed out that this portion of funds is mainly flowing into wealth management products rather than simply entering the market as deposits
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