More News
FOREIGN EXCHANGE | Cesar Tordesillas, China

China to make Shanghai global RMB center by 2015

China plans to make Shanghai a global center for innovation, transaction, pricing and clearing of RMB-denominated financial products by 2015.


The plan is part of China's bid to build Shanghai into an international financial center by 2020 with China's economic weight and its currency taking a more prominent position on the world stage.

The 12th Five-Year Plan period from 2011 to 2015 will be "a period of strategic opportunities" for the construction of the international financial center, the National Development and Reform Commission said in a statement.

The government aims to increase the total transaction value of all financial markets in Shanghai, barring foreign exchange markets, to around US$158.5 trillion by 2015.

That will be more than double the transaction value of 2010, which stood at 386.2 trillion yuan, up 10 times from 2005.

For the source of this story, click here.

Do you know more about this story? Contact us anonymously through this link.

Click here to learn about advertising, content sponsorship, events & rountables, custom media solutions, whitepaper writing, sales leads or eDM opportunities with us.

To get a media kit and information on advertising or sponsoring click here.