Jane Chen / Shanghai Daily news

Shanghai residents' banking deposits grew faster last month as a result, analysts said, of the country's financial policies and the dampening of the investment sectors.
In April, the balance of banking deposits at all local banks increased 16 percent over the same period a year ago to 1.85 trillion yuan (US$224 billion), according to data from the Shanghai branch of the People's Bank of China. 
New deposits for April increased 2.5 billion yuan to 33.4 billion yuan. 
While growth in balances of the current accounts declined 4.5 billion yuan to 1.9 billion yuan, that of fixed deposits soared 6.8 billion yuan to 7.5 billion yuan.
"That pointed out a sustained trend of growth in fixed deposits since the central bank's interest rate increase last October," the bank stated in a report.
Besides the hiked banking rates, the disappointing performances in the investment sectors such as the foreign exchange, securities and housing markets is another key factor that has driven residents to turn their money over to bankers, analysts pointed out.
They said an anticipation of a devaluing of the US dollar has also dragged down local investors' zeal and led to a US$452 billion decrease in foreign currency deposits in April.
The housing market has cooled down after a series of severe government policies to control the overheated real estate market.
The city's benchmark index for used housing prices rose by a record low 2 percent to 1,703 points in April from a month earlier, according to the Shanghai Existing Property Index Office.
Responding to the securities authority's new regulations to rectify the MMFs, yield rates of monetary mutual funds have been dragged down from the previous 3 percent to 2.5 percent.