China's $29 Trillion Ball of Money Rolls to a Long-Ignored Haven
- Investors flee tumbling stocks, P2P losses, debt defaults
- ‘Where is the safe place to put our hard-earned savings?’
This article is for subscribers only.
The new hot thing for Chinese savers is about as old and boring as it gets.
Bank deposits, shunned for years by the nation’s return-hungry masses, are suddenly looking attractive again as higher-yielding investments prove riskier than many had anticipated. China’s household deposits rose in July at the fastest annual rate in a year -- an influx that analysts say may accelerate after the nation’s stock market sank at the quickest pace worldwide, hundreds of peer-to-peer lending platforms shuttered and companies defaulted on their debt at an unprecedented rate.