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Macro Check
In June, household risk appetite reversed part of the prior rebound and pulled back below neutral. The recovery channel is still intact, but it now leans heavily on capital-market sentiment while macro liquidity and fundamentals continue to drag.
China Resident Risk Appetite Index (CRRAI)
Following May’s rebound to -0.06, the June 2026 CRRAI composite pulled back to -0.20 — a -0.14 move on the month and -0.10 over three observations.
At the 36.5 historical percentile, the index is consolidating below neutral. The composition is asymmetric: Capital Market Sentiment stayed positive at +0.77, but Macro Liquidity & Business Confidence (-0.67) and the Fundamental Bedrock (-0.45, dragged by housing and employment proxies) still cap the broader recovery — leaving the composite more exposed to any equity-market reversal. Household Leverage & Credit Dynamics is close to neutral at -0.17, but not yet strong enough to offset the structural drag on its own.