Non-bank deposits decreased by 2.84 trillion yuan year-on-year, with the low base effect and active stock market attracting funds inflow.

Recently, financial data for December 2025 was released. The data shows that non-bank deposits decreased by 330 billion yuan in December, a decrease of 2.84 trillion yuan compared to the same period last year. The changes in non-bank deposits, which are deposits from non-bank financial institutions such as securities firms held in banks, are often thought to be related to stock market fluctuations. Therefore, the decrease of 2.84 trillion yuan in non-bank deposits has naturally attracted significant market attention. According to mainstream views of analysts from securities firms compiled by Securities Times reporters, the significant changes in December data are due to disruptions caused by the low base in 2024. Beginning on December 1, 2024, the interest rates on interbank non-bank deposits were included in self-regulation, leading to a significant decrease of 3.17 trillion yuan in non-bank deposits for that month, the largest contraction in history for a single month. Zhang Weikang from CEBM Research believes that the 330 billion yuan decrease in non-bank deposits in December, a decrease of 2.84 trillion yuan compared to the same period last year, is partly due to the return of wealth management products at the end of the quarter and partly due to active stock market attracting capital inflows.