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Innovation lifts financial development index
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AN index measuring the overall development of Shanghai’s financial industry rose nearly 10 percent last year, according to a joint industry report released yesterday.
The Shanghai Financial Prosperity Index increased 9.8 percent in 2013 from a year earlier to 3,464 points, mainly driven by innovation activities and market development, Roland Berger Strategy Consultants and the Shanghai Financial Association said in the joint report.
The Shanghai pilot free trade zone, Internet finance and margin trading were the main factors that powered the city’s financial innovations last year, which contributed 69 percent of the rise in the overall index.
Shanghai has achieved an annual average growth of 19.4 percent in the development of its financial industry from 2006 to 2013, the report said.
The internationalization of the yuan will be significant in building Shanghai into a global financial hub, Lian Ping, chief economist of the Bank of Communications and executive member of the experts committee of the association, said in Shanghai yesterday.
“Liberalization of interest and foreign exchange rates and complete capital account convertibility are expected to be realized in the next six years,” Lian said.
“However, it requires at least 20 years for the yuan to become a global currency that could challenge the dominance of the US dollar.”
He added that developing offshore yuan centers will boost demand for yuan assets and promote the internationalization process of the Chinese currency.
China plans to make Shanghai the onshore center of yuan trading, clearing and pricing by 2015. Shanghai’s cross-border trade settlement in yuan doubled in the first 10 months of last year from the whole of 2012 to 284.5 billion yuan (US$45.7 billion), according to the report.
China will allow cross-trading of equities between Shanghai and Hong Kong markets later this year, a move that will boost Shanghai’s position as an international financial hub, Kelvin Lau, Hong Kong-based senior economist of Standard Chartered Bank for Asia, told Shanghai Daily yesterday. “The launch of this pilot program is very well-timed,” he said.
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