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People's Daily Online>>China Business

Bank of China sets city as yuan-trading center

By Louise Ho (Shanghai Daily)

08:35, March 21, 2012

THE Bank of China officially opened its national headquarters for yuan operation in Shanghai yesterday to support the city's goal of becoming a trading center of the Chinese currency.

"The inauguration of Bank of China's yuan trading headquarters has a strategic importance of promoting Shanghai as a global center in yuan trading, pricing and clearing by 2015," said Shanghai Mayor Han Zheng at a ceremony marking the occasion.

Xiao Gang, Bank of China's chairman, said setting up the yuan trading headquarters is an important step in the bank's restructuring and cross-border development.

The headquarters in the Pudong New Area offers yuan trading, financial institutions and cross-border yuan settlement services. A source at the Bank of China told Shanghai Daily yesterday that the bank got approval from China's banking regulator a few days ago.

Shanghai aims to be the global center of yuan trading, pricing and clearing by 2015 as part of its 12th Five-Year Plan, which is a major step toward becoming a global financial center by 2020.

Shanghai Vice Mayor Tu Guangshao, who is in charge of the city's financial market supervision, said in May last year that Shanghai welcomed large state-owned banks to set up second headquarters in the city.

"The move by the Bank of China will certainly help Shanghai accomplish its goal to be a yuan trading center," said Li Wei, an economist from the Standard Chartered Bank.

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