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Household's Deposit Savings Down, T Bonds and Stocks Up
The second quarter survey on urban and rural depositors conducted by People's Bank of China indicated a decline in the proportion of deposit savings and an increase in buying treasure bonds and stocks.
Among the respondents, 61.2 percent take deposit savings as their financial assets, 2.4 percent and 6 percent lower than previous quarter and the same period of last year, respectively, 12.7 percent of them bought treasure bonds, an increase of 3.5 percent and 1.8 percent over the first quarter and the same period of last year, and 12.1 percent transacted stocks, up 0.1 percent and 2.9 percent, respectively, over the first quarter of this year and same period of last year. In addition, 14 percent purchased insurance, funds, enterprise bonds and others, 1.2 percent lower than the first quarter of this year, but 1.4 percent higher than the same period of last year.
Treasury bond is an investment much sorted for among citizens. Under current price level and interest rate, 3.8 percent of people think buying T bond is worthwhile, and this quarter saw those regarding buying stocks and funds the best choice decline continuously to 11.8 percent from 14.3 percent in the third quarter of last year. The top three purposes for savings are for education, buying or furnishing apartments and for old-age use after retirement. 6.9 percent of people choose to buy other financial assets as savings, 1 percent higher than previous quarter, a record high since last year.
By PD Online staff member Li Yan
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