Chinese people are bracing for a downturn by saving more this year ...Middle East

Quartz - Economy

China’s citizens, who already have a reputation of being savvy savers, are saving even more amid uncertain economic prospects.Chinese household savings grew by 7.86 trillion yuan ($1.2 trillion) between January and May, an increase of more than 50% from the same period last year, according to China’s central bank. In May alone, renminbi savings accounts in China added 3.04 trillion yuan, which was 475 billion yuan more than the same month last year, said the bank.The explosion of savings in the first five months of this year was also affected by other factors: people depositing their year-end bonuses, and lockdowns in several cities hindering their ability to spend. But the fast growth of sa

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Last updated : 13 June 2022 clock 12:52 PM

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Chinese people are bracing for a downturn by saving more this year ...Middle East

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