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June 13 - Chinese people who used to stash1 away their money into banks for value preservation2 are rapidly taking their money out, as the country's household deposits have declined for two consecutive3 months.
Household deposits dropped by 278.4 billion yuan in May, 67 percent more than the decline of 167.4 billion yuan in April and down 295.9 billion yuan from the same period of last year, according to figures released Tuesday by the People's Bank of China, the central bank. The balance of M1, a narrow measure of money supply that includes cash and demand deposits, surged by 19.28 percent to 13.03 trillion yuan by the end of May. The growth rate faster than the end of last year but slower than the end of April plus diminishing household deposits indicates Chinese households are keeping money on tap for investment in the capital market. In an attempt to squeeze the speculative4 bubbles on the securities markets, the Ministry5 of Fiance raised the stamp tax on securities trading from the current 0.1 percent to 0.3 percent on the last work day of May. The central bank said in a statement that the money supply has expanded slowly, with the balance of M2, a broad measure of money supply growing at a slower 16.74 percent to stand around 36.97 trillion yuan by the end of May. The growth rate is 0.20 percentage points lower from the end of last year and 0.39 percentage points lower from the end of April.
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