Chongqing’s bank savings surged in May, according to the statistics released by Chongqing Customs.

It said on Thursday that new bank savings reached 87 billion yuan in May, up from 77.4 billion yuan in April. Total social financing, a broader measurement of credit in the economy, came to 140 billion yuan in May, down from 155 billion yuan in April.

Analysts said the slowdown of total credit growth reflects tightening supervision of the shadow-banking sector, which has led banks to move some of their off-balance-sheet financing businesses back onto their books.