Deposits rose by 600bn yuan less YoY in August, likely as long-term deposits matured and funds shifted into the stock market.
Non-bank deposits surge: Up ¥1.18tn in August, ¥550bn more YoY — suggesting household money moved into brokerage margin accounts and equity mutual funds.
Wealth management products grew only slightly (¥150bn less than a year ago), reinforcing the idea that flows went mainly into equities.
2.65m new A-share accounts opened in August (+35% MoM), a further sign of household savings rotating into equities amid active markets and policy tailwinds:
- Average daily A-share turnover hit ¥2.25tn, surpassing peaks of Sept 2024 and June 2015.
