Savings Lose Favor as Stocks Rally

Bank deposits in China amounted to ¥1,052 billion during the first 5 months of 2009 after a monthly addition of ¥13.5 billion in May, the China Banking Regulatory Commission said Monday. The slighter increase in May compared to ¥69 billion in February, ¥112 billion in March and ¥39 billion in April respectively was believed to be due to a rebounding stock market. The Shanghai Composite Index gained almost 6.3% in May.

$1 = ¥6.8