With the cooling down of property market and a stagnant stock market, China's economy powerhouse Shanghai saw a surge of savings deposits in the past 11 months, according to statistics from the Shanghai Banking Regulatory Commission.

Savings deposits increased by 131.164 billion yuan (16.2 billion U.S. dollars), 46.163 billion yuan (5.7 billion dollars) more than that in the corresponding period last year, statistics show.

The surge means that every month 11.924 billion yuan (1.47 billion dollars) poured into financial institutions.

The commission said the surge of savings deposits was due to "higher interest rates, stagnant stock market, cooling down of property market and appreciation of renminbi."

Chinese commercial banks in Shanghai had provided loans of 408.874 billion yuan (50.4 billion dollars) to self-supporting companies doing real estate business as of the end of November, 29.08 billion yuan (3.6 billion dollars) less than that of the corresponding period last year.

The property market in Shanghai cooled down after the government introduced various measures to prevent overheating in the real estate industry, which had attracted speculative funds.

Source: Xinhua