Chinese Increase Savings As Pandemic Continues-Yicai

Chinese savings deposits have increased significantly since the start of the pandemic more than two years ago, Yicai.com reported. In the first five months of this year, resident deposits increased by CNY7.86 trillion, up 50.6% y/y, compared to the CNY6.15 trillion in the same period of 2020, said Yicai citing data by the central bank. Corporate savings deposits are also rising with funds in their current accounts growing slower than those in their time deposits, as willingness to expand investment has not yet recovered amid high energy and raw material costs and weak demand, the newspaper said citing Wang Yunjin, senior researcher of Zhixin Investment Research Institute.