Banks gain as stocks, property slide

As the summer cools in the city, so it seems is the equity market, with an increasing number of people choosing to put their money in banks amid the increasing uncertainty over the slowing economy.

Statistics from the Shanghai headquarters of the central bank show bank deposits in the city have been growing steadily in the past seven months. In July, bank savings increased by 10.8 billion yuan over the previous month, an increase of 20 billion yuan over the corresponding period of last year. Over 90 percent of the newly added savings are fixed deposits, according to the report, pointing to dampened investment mood among consumers.

"More money previously invested in the stock and property market is now flowing back to the banking system as the sluggish equity and real estate markets keep weighing down consumer sentiment." Zhang Jiang, analyst at Shanghai Orient Securities, told China Daily.