Shanghai – China plans to restore the prestige of the city of Shanghai as an important financial center like in the colonial world. A source revealed China, Shanghai will became the vortex of world trade in yuan currency, including clearing and pricingnya, in 2015.
According to the Reuters news agency yesterday (30 / 1), China plans to transform Shanghai became world financial center in 2020. The blueprint plan was created and is part of a long-term scheme.
The currency traders revealed that the Chinese government to observe the movement of the yuan has appreciated due to the influence of off shore money market since last few months, and the Chinese government will continue to determine the value of the yuan.
“There are exciting developments in recent months, the spot exchange market in Hong Kong showed the yuan moves from time to time that are different from onshore market exchange rate in China,” said merchants exchange at a European bank in Shanghai.
“This means, the statement that China’s financial authorities revealed to the public at a sensitive time. And means that the Chinese government once again stressed that the true value of the yuan, “he said.
Fixed yuan currency trading will be limited to only 1,000 trillion yuan (U.S. $ 157.9 billion) in 2015. Only rose less than 400 trillion yuan in 2010.
The blueprint also sets yuan mid-point value for each day that the Bank of China published in Chinese onshore market. This will be the benchmark value of the yuan in the domestic market and abroad. And the Shanghai Interbank Offered Rate, a benchmark for credit Yuan everywhere.
China also hopes that foreign firms that sell their shares on the Shanghai Stock Exchange must be in denominations of currency yuan.Namun exact schedule has not been determined when the capital market authority.
China’s capital market authorities are currently discussing the launch of “international trade board” for the shares of foreign companies listing on the Shanghai Stock Exchange. But the mayor of Shanghai said, when this is not the right time to launch a board of international trade.