Deposits in China rise 6.4% from households, NBFI deposits

RMB deposits rose over 2 trillion dollars from households and NBFIs.

The outstanding amount of renminbi (RMB) and foreign currency deposits recorded a 6.4% rise in December 2024, to $42.16t (RMB308.38t), data from the People’s Bank of China (PBOC showed).

RMB deposits in China totalled $41.32t (RMB302.25t), rising by 6.3% YoY.

For the full-year, RMB deposits rose by almost $2.46t (RMB17.99t), with household and deposits of non-banking financial institutions (NBFIs) rising whilst deposits of non-financial enterprises and fiscal deposits dropped.

Household deposits and deposits of non-banking financial institutions rose by $1.95t (RMB14.26t) and $349.96b (RMB2.59t), respectively.

Deposits of non-financial enterprises and fiscal deposits dropped by RMB294.3b and $29.05b (RMB212.5b) over the same period.

(US$1 = RMB7.32; data from Google, 20 January 2025)