Monthly Archives: March 2016

Shanghai Gains Muscles as Leading Financial Center

Shanghai has become the nation’s financial center and a global center for yuan trading, pricing and clearing, officials said recently. Cross-border yuan business consolidated Shanghai’s position as a global yuan center, said Zhang Xin, deputy director of People’s Bank of China Shanghai Headquarters. The city’s cross-border trade settlement in yuan reached 2.7 trillion yuan (US$415 billion) last...
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FTZ Push Drives Offshore Yuan Loans

Shanghai banks conducted offshore yuan lending of 66.1 billion yuan (US$10.2 billion) last year, a surge of 119 percent year on year, as they tapped financial reforms to transact more cross-border business, the city’s banking regulator said yesterday. “The expansion of the offshore business paid off after the city pushed forward the pilot free trade zone...
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