Jane Chen/ Shanghai Daily news

China's latest increase in bank interest rates has had a positive effect in Shanghai, as local bank deposits in November increased by 15.1 percent year-on-year to 1.94 trillion yuan (US$235 billion), today's Youth Daily reported.
The growth rate is 0.7 percent over that of the previous month, according to data published yesterday by the Shanghai branch of the People's Bank of China, the country's central bank.
Meanwhile, the rate hike has slowed loan increases to 9.7 percent, 1.4 percentage below the rate for the previous month.  At the end of November, loans totaled 1.2 trillion yuan, up 4.88 billion yuan from October.
In late October, the central bank raised its benchmark interest rate for the first time in nine years in an effort to curb inflation and alleviate power and material shortages.  The one-year deposit rate was raised to 2.25 percent from 1.98 percent.