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Can Shanghai top Singapore to be the next financial hub?

Can Shanghai top Singapore to be the next financial hub?

Wikipedia

London, New York, Hong Kong, Singapore and Tokyo remain the five leading global financial centers, according to a survey of finance professionals.

The Global Financial Centers Index measures cities based on their attractiveness to financial services professionals, according to two inputs: statistical data and a poll of finance professionals. The index was created by the Z/Yen group for the City of London.

But Shanghai ranks as the top pick among the world’s cities expected to play a major role in global finance. Qingdao, Shenzhen, Dalian and Beijing are the other mainland Chinese cities that are going to rise, too.

Also according to the index, eight of the top 15 cities that are expected to gain in significance are from the Asia-Pacific region.

China’s economic performance has been the buzz lately. It is planning to make the yuan the world’s go-to currency.

That desire will get a boost on October 1, when the yuan enters the International Monetary Fund’s basket of reserve currencies, placing it alongside the pound, euro, yen and dollar.

According to newswire Bloomberg, the yuan’s ascent is a validation of the importance of the world’s second-biggest economy and the work policymakers have done to allow freer access to the nation’s markets.

Read more stories on Business Insider, Malaysian edition of the world’s fastest-growing business and technology news website.

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