Market debate over 'deposit migration' continues in 2026. Several institutions
projected a concentrated maturity of long-term time deposits this year of
roughly 30–70+ trln yuan. Industry sources say Q2 data show little or only
small-scale migration to date. The A-share market shows a structural bull trend
but periodic pullbacks that dent investor appetite, so the scale of any deposit
outflow is smaller than many forecasts and its market impact is limited.