Variable types

Name of index


Explained variable

Quarter average deposits of commercial banks (qdes)

Quarter average deposits of commercial banks = quarter deposit balance of commercial banks/quarter days

Explanatory variables

Seven-day annualized yield of “Bao bao” Internet monetary funds (efrate)

The geometric mean of seven-day annualized yield of 6 Internet monetary funds including Yu’e Bao, Tencent financial management, Baidu profits, Cash baby, pocket money baby, Ping an surplus4

Controlled variables

Deposit interest rate (rate)

1-year fixed-term deposit interest rate

Consumer expectation index (CEI)


The Shanghai composite index (szss)


Hundred-price index of real estate (reits)