While further consolidating its position as China’s financial center, Shanghai has also established global innovation, trading, pricing and clearing centers for renminbi products, according to the latest Shanghai Financial Operation Report, Pudong Times reported.
In 2017, Shanghai’s financial market transactions totalled 1,438 trillion yuan (US$218.6 trillion). The total number of licensed financial institutions in Shanghai has reached 1,537, and the added value of the financial sector accounted for over 17% of the city’s GDP. The report was published by the Chinese central bank.
Meanwhile, Shanghai is also one of the most complete financial center cities in the global financial realm. In terms of the Global Financial Center Index (GFCI) issued by a UK independent think-tank Z/Yen Group, Shanghai now ranks the sixth in the world, a rapid jump from 13th place.
Currently, the first batch of cross-border two-way RMB cash pooling was launched in the Shanghai Free Trade Zone, further satisfying the real needs of multinational firms to manage their renminbi funds onshore.