The central bank's Shanghai headquarters announced the financial performance of Shanghai for the first quarter of 2024. At the end of March, Shanghai's local and foreign currency deposit balance was 20.89 trillion yuan, up 6.7% year on year. The growth rate was 0.9 percentage points lower than the national growth rate. The gap with the national growth rate narrowed 2.1 percentage points year on year; the growth rate at the end of the month increased 0.2 percentage points month-on-month, the highest since July 2023. Looking at each sector, the first is that the trend of fixed-term household deposits has weakened. At the end of March, household deposit balances in local and foreign currency increased 11.5% year on year, and the growth rate declined by 12.6 percentage points year on year. Among them, term and other deposits increased by 1808 billion yuan in the first quarter, a year-on-year decrease of 218.1 billion yuan. Against the backdrop of a continuous decline in interest rates on deposits, residents' acceptance of financial management is increasing. Second, the growth rate of corporate deposits picked up slightly. At the end of March, deposit balances of non-financial enterprises increased 2.6% year-on-year, and the growth rate was 0.9 percentage points higher than at the end of the previous month. Third, there has been a significant increase in non-bank deposits. At the end of March, deposit balances of non-banking financial institutions increased by 6.1% year on year, and the growth rate increased by 4.1 percentage points year on year.