Latest News:  
Beijing   Sunny    -3 / -12   City Forecast

People's Daily Online>>China Business

City to become yuan center

By Wu Yiyao and Oswald Chen (China Daily)

09:22, January 31, 2012

SHANGHAI / HONG KONG - Shanghai will become the global center of yuan trading, clearing and pricing by 2015, in line with a State plan to make the city an international financial hub by 2020.

Financial experts said the plan will not put the city in direct competition with Hong Kong, which is already the offshore yuan center. That's because the two cities will offer different yuan-based products and services to different clients.

The plan, jointly published by the National Development and Reform Commission and the Shanghai Municipal Government on Monday, sets out the main objectives for Shanghai to become a financial center. Key to those objectives is to raise the annual volume of trade in Shanghai's financial markets (excluding the foreign exchange market) to 1 quadrillion yuan ($158 trillion) by 2015.

In 2010, Shanghai's financial markets (excluding the foreign exchange market) registered a trading volume of 386.2 trillion yuan, 10 times of that in 2005.

The plan says the daily mid-point price published by the central bank in the onshore yuan market would be the benchmark for both domestic and foreign yuan trading markets, and the government-backed Shanghai Interbank Offered Rate, or Shibor, would be the benchmark for yuan credit everywhere.

China will also encourage overseas companies to sell yuan-denominated shares in its domestic stock markets, but no timetable has yet been released.

Shanghai will also strive to increase its influence in global financial markets, especially the yuan-product market, according to the plan.

By 2015, Shanghai's financial markets will witness a surge in the number of overseas investors and the growing global impact of its stock market's main indexes and commodities futures prices.

【1】 【2】 【3】

Email|Print|Comments(Editor:王莉莉)

Leave your comment0 comments

  1. Name

  

Selections for you


  1. China's Sany to take over Putzmeister

  2. Starbucks raises coffee prices in China

  3. Job fairs held across China after festival

  4. Let's enjoy skiing in Davos, Switzerland

Most Popular

Opinions

  1. A reality check on lunar new year
  2. Riding the tide of the times
  3. EP should get fully involved in EU decision making
  4. How can Europe avoid "a lost decade?"
  5. China's success here to stay
  6. Pakistan, Afghanistan set to break deadlock
  7. Bias against China human rights "deeply rooted"
  8. Are gold prices nearing end of its upward trend?
  9. Six-party talks should not be shelved
  10. Downplaying Iran nuclear issue not a good sign

What's happening in China

Cold, foggy weather hits parts of China

  1. Feasts bring famine to blood donations
  2. Local govt brags of poverty
  3. Fake food salt makers face trial in Anhui
  4. Railway fan makes ticket selling an art
  5. Starbucks raises coffee prices in China

PD Online Data

  1. Yangge in Shaanxi
  2. Gaoqiao in Northern China
  3. The drum dance in Ansai
  4. Shehuo in Baoji City
  5. The dragon dance