Non-bank deposits decreased by 2.84 trillion yuan year-on-year, according to securities analysts' interpretation.

Recently, financial data for December 2025 was released. The data shows that non-bank deposits decreased by 330 billion yuan in December, a year-on-year decrease of 2.84 trillion yuan. Non-bank deposits are deposits held by non-bank financial institutions such as securities companies at banks. The changes in non-bank deposits are often linked to the stock market, and the 2.84 trillion yuan decrease in non-bank deposits has attracted market attention. Mainstream analysts at securities firms believe that the high growth in December data is due to the disturbance caused by the low base in the previous year. Since December 1, 2024, non-bank interbank deposit rates have been included in self-discipline management, leading to a significant decrease of 3.17 trillion yuan in non-bank deposits that month, marking the largest monthly contraction in history. Some analysts at securities firms also believe that the non-bank data for December may reflect the impact of corporate savings flowing back into the stock market, funds, and other asset management products.