Signs show Shanghai on track to global hub
By Hu Xiaocen |
August 25, 2012, Saturday
|
Print Edition
Print Edition
SHANGHAI has witnessed rapid growth in cross-border yuan settlement, attracted more foreign financial institutions and expanded financial reforms - showing the city is on track to developing itself into a global financial hub.
The cross-border yuan settlement, which helps traders hedge foreign exchange risks, soared 78 percent to 21.9 billion yuan (US$3.5 billion) in the first six months of this year, officials said at a workshop meeting on steering the city into a global financial center by 2020 under a national strategy.
Already boasting the largest number of yuan-denominated interbank accounts opened by offshore lenders in the country, Shanghai saw a 19 percent jump in new accounts during the first half.
By the end of last year, 5,175 companies in Shanghai had adopted the cross-border yuan trade settlement system, with 58 banks offering the settlement services, according to the Shanghai headquarters of the People's Bank of China, the country's central bank.
The city is home to 40,000 trading companies, accounting for nearly 10 percent of the country's total. Their combined export and import volume makes up about 20 percent of China's foreign trade, Vice Mayor Tu Guangshao said earlier.
Meanwhile, the central bank has given a "positive response" to Shanghai to host the new China International Payment System, which aims to facilitate cross-border yuan clearance among market players.
The cross-border yuan settlement, which helps traders hedge foreign exchange risks, soared 78 percent to 21.9 billion yuan (US$3.5 billion) in the first six months of this year, officials said at a workshop meeting on steering the city into a global financial center by 2020 under a national strategy.
Already boasting the largest number of yuan-denominated interbank accounts opened by offshore lenders in the country, Shanghai saw a 19 percent jump in new accounts during the first half.
By the end of last year, 5,175 companies in Shanghai had adopted the cross-border yuan trade settlement system, with 58 banks offering the settlement services, according to the Shanghai headquarters of the People's Bank of China, the country's central bank.
The city is home to 40,000 trading companies, accounting for nearly 10 percent of the country's total. Their combined export and import volume makes up about 20 percent of China's foreign trade, Vice Mayor Tu Guangshao said earlier.
Meanwhile, the central bank has given a "positive response" to Shanghai to host the new China International Payment System, which aims to facilitate cross-border yuan clearance among market players.
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