国泰海通证券:存款利率调降,资金未必出表

格隆汇
22 May

本文来自格隆汇专栏:国泰海通证券研究 作者:唐元懋 藏多导读低利率趋势下,存款规模对存款利率调降的敏感度整体不高。摘要存款规模对非同业存款挂牌利率调降并不敏感。存款由银行体系流失到资管产品主要由24年4月手工补息整改所致,其影响短期内快速释放,同年7月已开始维稳修复。国泰海通证券使用“M2+理财+基金-非银存款”来近似衡量社会广义货币量,观察“个人存款+单位存款”在其中的占比及相对增速。国泰海通...

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