The Chinese agency cited a witness as saying that paper money resembling dollar "coupons" had been thrown out of a window of a building standing close to the seafront area Bund, which attracts hundreds of thousands during all major events.
The stampede occurred less than half an hour before the clock struck midnight, according to the Chinese press.
The city government has not commented on this allegation. An investigation into the cause of the incident is now open, and a special team is working to look for those injured and clean up the area.
#China | New Year celebrations cancelled in Shanghai after 36 die in riverfront stampede http://t.co/PPE2x16mpE
— Matias E. Ruiz (@MatiasERuiz) 1 января 2015
At least 28 people of the 42 wounded New Year revelers have been brought to Shanghai No. 1 People's Hospital, the facility's deputy director Xia Shujie was quoted by Shanghai Daily as saying. The paper also cited China's President Xi Jinping as calling on medical workers to do everything in their power to save those injured in the stampede.