China Central Bank: RMB Deposits Rose 18.99 Trillion Yuan in First Eight Months

The composition is the story: non-bank financial institutions and households together account for the bulk of deposit growth, outpacing the corporate and fiscal components. That skew suggests precautionary saving and cash held in the financial system rather than deployed into the real economy, which matters for anyone watching Chinese risk appetite and domestic liquidity. The sharp rise in foreign-currency deposits, against a more modest headline RMB pace, is the other signal worth tracking. Whether that FX shift persists as rate differentials evolve is the open question.