China’s Household Deposits Fall by Most Since October 2021

By Wang Shiyu, Xia Yining and Zhang Yukun

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Many banks have cut their deposit rates, giving people less of an incentive to save. Photo: VCG

The yuan-denominated bank deposits of China’s households fell 1.2 trillion yuan ($173.6 billion) in April, breaking a five-month streak of gains, since people consumed and invested more as deposit rates dipped, analysts said.

The drop in household deposits was the largest since October 2021, according to central bank data released Thursday. China’s total yuan deposits also declined in April — by 460.9 billion yuan.

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