China Central Bank: Yuan Deposits Rose 20.76 Trillion in First Three Quarters

The composition matters more than the headline: household deposits accounted for the largest share of the increase, while non-bank financial institution deposits — the bucket most relevant to crypto and RWA flows — were a smaller slice, suggesting domestic risk appetite stayed muted through the period. That deposit build-up is the backdrop against which any rotation into alternative assets would have to occur. Whether the household-heavy pattern persists, or shifts toward non-bank channels, is the open question for RWA and digital-asset desks watching Chinese capital.