September 12, 2025 12:45 PM GMT China Economics | Asia Pacific Slowing Credit vs. Improving Market Liquidity (3,000) (2,000) (1,000) 0 1,000 2,000 3,000 4,000 5,000 6,000 Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec New Household Deposits, RMB bn Past 5Y Avg. 2024 2025 Source: CEIC, Morgan Stanley Research Exhibit 2: ...accompanied by a strong upturn in NBFI deposits 2100 2300 2500 2700 2900 3100 -10% -5% 0% 5% 10% 15% 20% 25% Aug-16 Aug-17 Aug-18 Aug-19 Aug-20 Aug-21 Aug-22 Aug-23 Aug-24 Aug-25 NBFI Dep ...