Explained variable

Explanatory variable


Growth rate of saving deposits = (saving deposits amount of current season-saving deposits amount of previous season)/saving deposits amount of previous season

Seven-day annual yield of Yu’ebao (yebsyl)


Consumer expectation (CEI)


Stock yield (szzszzl)

Geometric mean of growth rate of Shanghai securities composite index of each trading day of March, June, September and December

Consumer Price Index (CPI)


Rate of bank charges (sxfl)

Geometric mean of primary handling fee rate of deposit business in each bank

quarterly average growth rate of affiliated agency of commercial banks (jgzzl)

(the number of bank branches in this quarter-he number of bank branches in last quarter)/the number of bank branches in this quarte