PBOC: CNY Deposits Increase CNY 504.4 Bn in Aug

Source: People's Bank of China, ChinaScope Financial (Data)

+       Data released by the PBOC on September 11 shows that CNY deposits increased CNY 504.4 billion in August, down CNY 202.2 billion on last year’s figure. 

+       In August, household deposits increased CNY 103 billion, deposits from non-financial enterprises increased CNY 196.5 billion, and fiscal deposits increased CNY 40.6 billion.

+       At the end of August, China's broadest measure of money supply, M2, was up 13.5 percent year-on-year to CNY 92.49 trillion. However, its growth went down by 0.4 percentage point on the previous month.

Bank deposits growth remained stable in August, possibly due to higher deposit rates following the interest rate moves in June/July and possibly because banks are preparing for the quarterly CBRC review. M2 growth in August was 13.5 percent, lower than expectations.

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