Financial Index Ranks Shenzhen in 19th Place in Global Rankings
In just six months time Shenzhen has moved up at least nine places to ranked 18th in the Global Financial Centers Index that recently released by a non profit global business consultancy. Among the Chinese cities only Beijing, Shanghai and Shenzhen have ranked among the 83 ranked financial centers in the world.
Shanghai ranks 20th after dropping four places, Beijing climbed 10 places and took the 59th rank, while Hong Kong retains its third place position after London and New York which ranks first. Rumors have it that Asian financial centers are growing faster compared to Western financial centers. The growth in Asia which is led by China which strengthen its competitive edge from other financial centers in Asia. The internationalization of the yuan especially with the innovative measure used in cross border yuan businesses in Qianhai drew wider attention and recognition which has also enhance the city’s influence as a global center.
Shenzhen also benefits in the efforts done by Hong Kong in improving international status of the renminbi, the Chinese currency by using such institutions such as off shores RMB centers.
Shenzhen’s added value in the financial industry has reached US$ 70 billion in 2013, along with the combined value of the stock market of Shenzhen and Hong Kong has reached US$ 3.9 trillion in 2012 which is the second largest value after the New York market. The global financial centers index examines the competitiveness of financial centers across the world based on profiles, rankings and ratings that are compiled from third party measures and from responses and indices to questionnaires.