Shanghai banks receive February deposit windfall

Domestic and foreign financial institutions in Shanghai received a record monthly US$23.45 billion (RMB166.56 billion) increase in yuan deposits in February, the Shanghai Securities News reported. Figures released Monday by the People's Bank of China's Shanghai branch show the increase was US$21.25 billion (RMB150.95 billion) more than posted for the same month last year,. The bank attributed the huge increase to multiple interest rate hikes, lethargic real estate and stock markets, and the Chinese New Year holiday.