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People's Daily Online>>China Business

Shanghai targets pricing power of RMB financial products

(People's Daily)

16:35, February 03, 2012

Edited and translated by People's Daily Online

According to the plan for Shanghai International Financial Center construction program in the 12th Five-Year Plan period, China will try hard to fundamentally confirm Shanghai's status as a global center for innovation, transaction, pricing and clearing of RMB-denominated financial products by 2015. This orientation has clearly outlined the “Shanghai-Global RMB Center” concept.

Constructing a RMB-orientated international financial center

Fang Xing, director of the Shanghai Financial Service Office, said as the international status of China's economy keeps rising, the trend of RMB internationalization is also becoming more obvious. Confirming Shanghai as the Global RMB Center is a refinement of the goal of completing the construction of the Shanghai International Financial Center by 2020.

The 12th Five-Year Plan period is a key period for the construction of the Shanghai International Financial Center. Only if the Global RMB Center is fundamentally established by the end of 2015, can Shanghai's status as an international financial center be confirmed by 2020.

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