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China sees growth of savings hit the slowest in 40 years

Total savings in Chinese banks increased 8.4 per cent in June, the slowest growth in 40 years, after a growth of 6.9 per cent seen in December 1978, according to data from the People’s Bank of China.

The slowdown is primarily attributable to a decline of household savings, which declined by 1.32 trillion yuan in April 2018, the biggest one-month drop on record, shows the data. In particular, the “Big Four” state banks saw household savings drop by 920.9 billion yuan by the end of April compared to a month earlier, down a whopping 77 per cent.

That comes after the world’s second largest economy increased at an average of over 10 per cent between 1979-2014, hitting stunning 51.9 per cent in April 1996.

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