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 |