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Shanghai stock market to double by 2015

Friday 16 September 2011 – by Nicola York


Shanghai’s financial markets transaction volume is expected to more than double by 2015 according to the Asian city’s top financial services official.

The annual transaction volume is expected to reach $160tn (€116tn) in the next three to four years and Shanghai says it will improve its financial system to boost this further.

As part of the improvements, Shanghai financial services office head Fang Xinghai says the city will encourage more bond issuance, set up an insurance exchange platform and allow the listing of foreign exchange-traded funds. It will also set up a board for the listing of overseas companies and increase its channels for internationalising the yuan.

By the end of 2010, offices of around half of the foreign financial banks in China were based in Shanghai, including Citigroup, HSBC, Morgan Stanley and Bank of America.

In July, Shanghai came sixth in a list of the top financial centre rankings by the Xinhua-Dow Jones International Financial Centers Development Index. New York, London, Tokyo, Hong Kong and Singapore made up the top five global centres respectively.

Transactions on Shanghai’s financial markets, including the Shanghai Stock Exchange, inter-bank bond market, Shanghai Futures Exchange and Shanghai Gold Exchange, reached $29tn (€21tn) in the first half of this year, up 7 per cent compared with the same period last year, according to Xinghai.

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