variable

bond

fund

stock

financial

gold

Non-renminbi assets

Time deposits

Demand deposits

Inflation expectations

0.004* (0.004)

0.035*** (0.007)

0.067*** (0.008)

0.005* (0.003)

0.004*** (0.001)

0.008** (0.004)

0.031** (0.013)

0.001 (0.016)

Wald test

3.55*

20.71***

51.95***

0.54

8.18***

2.52

9.41***

0.13

P values

0.0590

0.0000

0.0000

0.4634

0.0042

0.1126

0.0022

0.7135