PAYMENT SOLUTIONS
SHANGHAI
While China has long been a hub of international investment and commerce , Shanghai has come into its own over the past decade , following the Chinese Government ’ s announcement in 2009 that it would indeed be an international financial centre by 2020 .
According to reports by EY , the strategy for expanding the city ’ s global financial importance has been underway for almost two decades .
The plan includes streamlining capital account convertibility , which facilitates qualified foreign investors in Shanghai ’ s Lingang New Area . There are also plans to develop an RMB-to-foreign currency capital pool to “ simplify the allocation and adjustment of an investor ’ s reserves in RMB and foreign currencies ”.
EY also notes that , as well as expanding the derivatives market , China has been highly active in attracting new , foreign investors – thus paving the way for international banks and wealth management ventures , as well as fund management companies to establish themselves in the city .
Biggest global banks in Shanghai
• Haitong Securities
• IEG – Investment Banking Group
• CVCapital
• Cukierman & Co . Investment House
• SHANGHAI HAS A TOTAL OF 74 INVESTMENT BANKS IN SITUE
86 November 2022