Wendy Zhang/ Shanghai Daily news

The interest rate hike last week has driven up local bank deposits, and a financial expert is suggesting that citizens select short-term deposits in anticipation of further rate increases possibly early next year, the Shanghai Evening Post reported today.
The Industrial and Commercial Bank of China (ICBC)'s Shanghai branch reported that its deposits tripled, with locals waiting in long queues for the higher savings rates. Due to the heavy volumes, business hours at the banks were prolonged.
Recently, a clerk handled an average of 700 deposits every day, according to the bank.
"My bank savings are due, and I will renew them for a longer term," said Wang, a local resident, adding that she had waited in queues for nearly two hours.
Some ICBC outlets have even opened night services and have simplified procedures for renewing deposits.
The Baoshao Sub-branch of the Agricultural Bank of China (ABC) also registered more than 1,000 deposits yesterday afternoon.
As deposit rates are likely to go up further in the near future, it is suggested that depositors choose short-term notes, with the six-month deposit note recommended, said a financing specialist with the ABC, adding that citizens can also separate their saving receipts into several smaller notes, with different terms for each.