China household deposits surged in January, M1 growth turned negative for first time since 2005

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While China's credit expansion picked up sharply in January, the latest data showed the household sector is reluctant to spend and the corporate sector's demand for long-term loans remained weak.

According to data released by the People's Bank of China (PBOC) on Thursday, China's new deposits reached 3.83 trillion yuan in January, the highest since June 2021, largely in line with the level seen in the same period last . . .

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