The balance of Shanghai's local and foreign currency deposits stood at 13.28 trillion yuan (about 1.9 trillion U.S. dollars), up 9.7 percent year on year, official data showed.

The growth rate was 1.1 percentage points higher than the national average, according to the Shanghai Head Office of the People's Bank of China.

At the end of 2019, the balance of RMB deposits was 12.33 trillion yuan, up 9.5 percent year on year. The growth rate was 2.4 percentage points higher from a year earlier.

New RMB deposits hit 1.07 trillion yuan in 2019, an increase of 316.6 billion yuan year on year.

At the end of 2019, the balance of foreign currency deposits was 136 billion U.S. dollars, up 9.9 percent year on year.

New foreign currency deposits stood at 12.2 billion U.S. dollars in the whole year, an increase of 1.1 billion dollars year on year.