{"id":12131,"date":"2012-01-30T00:01:30","date_gmt":"2012-01-30T00:01:30","guid":{"rendered":""},"modified":"2012-01-30T00:01:30","modified_gmt":"2012-01-30T00:01:30","slug":"China-to-make-Shanghai-the-world-s-yuan-center","status":"publish","type":"post","link":"https:\/\/asiancemagazine.com\/?p=12131","title":{"rendered":"China to make Shanghai the world&#8217;s yuan center"},"content":{"rendered":"<p><strong>China will make Shanghai the global center of yuan trading, clearing and pricing by 2015, according to a specific state plan laying out the city&#8217;s future as an international financial centre.<\/strong><\/p>\n<p>The detailed plan, published jointly by the country&#8217;s economic planning agency and the Shanghai government, <strong>shows the scale of China&#8217;s ambition in creating its own version of New York, London or Hong Kong.<\/strong><\/p>\n<p>The National Development and Reform Commission envisions a trading hub with annual non-forex financial market volume of 1,000 trillion yuan ($158.3 trillion) by 2015 from less than 400 trillion in 2010.<\/p>\n<p>The plan said the daily mid-point price published by the central bank in the onshore yuan market would be the benchmark for both domestic and foreign yuan trading markets, and the government-backed Shanghai Interbank Offered Rate, or Shibor, would be the benchmark for yuan credit everywhere.<\/p>\n<p>China would also encourage overseas companies to sell yuan-denominated shares in its domestic stock markets, but the plan did not give a detailed timetable.<\/p>\n<p><strong>Is there anymore of an indication that the yuan will be the world&#8217;s currency one day?<\/strong><\/p>\n<p><em>Source Reuters<\/em><br \/>\n<!--break--><\/p>\n","protected":false},"excerpt":{"rendered":"<p>China will make Shanghai the global center of yuan trading, clearing and pricing by 2015, according to a specific 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