Central bank report: Rapid growth in the scale of asset management products by 2025, mainly invested in interbank deposits and certificates of deposit.

The report released by the People's Bank of China recently showed that the total assets under management (AUM) balance is expected to reach 120 trillion yuan by the end of 2025, representing a year-on-year growth of 13.1%. The scale of asset management products is growing rapidly, with new assets mostly being invested in interbank deposits and certificates of deposit. According to the report, by the end of 2025, the total amount of interbank deposits and certificates of deposit allocated to asset management products will reach 28.7 trillion yuan, up 18.9% year-on-year, with a total increase of 4.6 trillion yuan for the year. This accounts for around half of the new underlying assets of asset management products, with the proportion increasing by over 20 percentage points compared to the same period last year. The report emphasizes that as China's financial markets continue to deepen, direct financing accelerates, and financing channels become more diverse, the allocation and selection of household savings assets between bank deposits and financial products such as asset management products will become more diversified.