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China's July residents' deposits down

(chinadaily.com.cn)
Updated: 2009-08-12 15:13

Chinese residents' deposits in July fell 19.2 billion yuan from June -- the first monthly decline since October 2007, according to statistics from People's Bank of China.

Analysts attribute the decline to investors' zeal in the stock market, which is similar to the situation in October 2007, when the Chinese stock market soared to the record high of 6,124 points; residents' deposits fell 506.2 billion yuan that month.