Despite a drop in issuance, FX rates led by XAU/USD, EUR/USD, and AUD/USD pairs continued to attract Chinese structured deposit investors in May. Issuance of CSI Smallcap 500-pegged products picked up.

SRP database registered 867 structured deposits issued in May, amounting to an estimated sales volume of CNY245 billion (US$33.8 billion). Both the latest issuance figures and sales dropped month-on-month (MoM) compared to the previous month when the 930 structured deposits issued gathered an estimated CNY355 billion in sales. Chinese investors maintained their focus on FX rates as the most-used asset class in structured deposits - the underlying category was led by the gold/US dollar (XAU/US

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