City’s financial sector buzzing
FINANCIAL innovation, market development and the globalization of the yuan have boosted the index tracking Shanghai’s financial industry by 5.3 percent in the first half of this year, a joint industry report said yesterday.
The Shanghai Financial Prosperity Index rose to 3,242 points by the end of June, up 164 points from last year, boosted by innovation activities, market development and the yuan’s internationalization, the Shanghai Financial Association and Roland Berger Strategy Consultants said in the joint report yesterday.
The sub-index measuring the general development of the city’s financial industry gained 4 percent to 4,517 points as the foreign exchange, money, fund and gold markets ranked the top four by market growth.
Another sub-index that tracks the development of the yuan’s internationalization jumped 84 percent from last year to 36,024 points.
“Financial innovation such as cross-border yuan settlement under the current account and for foreign direct investment, and yuan-denominated two-way cash pooling tools launched in the Shanghai pilot free trade zone gave a fresh impetus to the internationalization of the yuan,” Jerry Zhang, chief executive officer of Standard Chartered Bank China, said yesterday.
“Meanwhile, the Chinese currency has also gained more acceptance in overseas markets,” Zhang said.
- About Us
- |
- Terms of Use
- |
- RSS
- |
- Privacy Policy
- |
- Contact Us
- |
- Shanghai Call Center: 962288
- |
- Tip-off hotline: 52920043
- 沪ICP证:沪ICP备05050403号-1
- |
- 互联网新闻信息服务许可证:31120180004
- |
- 网络视听许可证:0909346
- |
- 广播电视节目制作许可证:沪字第354号
- |
- 增值电信业务经营许可证:沪B2-20120012
Copyright © 1999- Shanghai Daily. All rights reserved.Preferably viewed with Internet Explorer 8 or newer browsers.