China Going Cashless: Deposits Fall 3 Trillion Yuan in 1H
The central bank recently released July Renminbi Credit Funds table shows: In the past six months, demand deposits and currency in circulation individual (cash) significantly reduced total of more than 3 trillion yuan.
…It is worth noting, also experienced a significant reduction in cash, in January 2017 cash balance of 8.66 trillion yuan, the end of July only 6.71 trillion yuan, a decrease of 1.95 trillion yuan.
Taken together the data, in January 2017, personal cash and demand deposits totaled 33.64 trillion yuan, to July 2017, both totaling only 30.52 trillion yuan, just six months decreased by about 3.12 trillion yuan.
Some went into time deposits, a lot went into non-bank financial institutions.
In summary, the personal regular and non-silver deposits in financial institutions in the past six months a total increase of 2.89 trillion yuan, these two types of deposits would be to reduce cash and demand deposits of individual main destination.
With the payment of the two giants to promote the popularity of treasure, micro-channel payment and payment mobile payment, the vast majority of Chinese retail sector already supports micro-channel payment and Alipay payment, cashless society trends are becoming evident.
Money markets are becoming popular as digital payment systems reduce demand for cash:
China Fund Industry Association released official data showed that in January 2017 the IMF scale of 3.61 trillion yuan in March and June, respectively, increased to 4.03 trillion yuan and 5.11 trillion yuan in July is further soared to 5.86 trillion.
iFeng: 央行重磅！中国人活期+现金半年没了3万亿 钱去哪了