Shanghai plans to become global financial hub
Shanghai is set to become a global yuan trade center by 2015, according to a blue print by the National Development and Reform Commission, China's top economic planning agency, and the Shanghai government.
The city aims to be one of the world's top five financial derivative markets by 2015, according to the plan.
This was to be achieved by doubling trading volume in financial markets and liberalising yuan exchange rates and interest rates.
It envisages Shanghai becoming a leading international financial hub and global center for yuan trading, clearing and pricing by 2015.
Financial market transactions have almost tripled to 1,000 trillion yuan (US$158 trillion), city authorities said yesterday as a detailed plan for the future international financial center was revealed.
Yesterday's announcement was the first detailed follow-up since the State Council announced in 2009 its aim of making Shanghai an international financial hub by 2020.
Shanghai and Hong Kong, as two major financial centers in China, will continue to step up communication and cooperation in areas such as financial markets, institutions, products, businesses and talents, he added.
The scale of overseas investment in the city's financial markets will be markedly expanded by that time, with major stock indices and commodities futures prices of those markets having a greater global influence.
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