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Central bank to open 2nd HQ in Shanghai
By Jiao Xiaoyang and James Leung (China Daily)
Updated: 2005-08-10 05:32
"The relocation of the market operation and international department to
Shanghai will create a synergy effect to consolidate the fragmented financial
market and advance Shanghai's financial strength."
The opening of the second headquarters ends long-running speculation about
central bank relocation.
PBOC Governor Zhou Xiaochuan said in March that, because Shanghai is such an
important business hub, the existing Shanghai Branch often assumed a role of
greater importance than a mere regional branch, the Xinhua News Agency reported.
Zhou also acknowledged that the central bank would transfer some other
bureaus, such as those for financial stability and credit profiling, to
Shanghai.
The city is home to the country's foreign exchange and many commodities'
markets, as well as the Shanghai Stock Exchange.
It was also the base for 2,988 domestic and foreign financial institutions by
the end of last year, accounting for 2.61 trillion yuan (US$322 billion) of
assets, or 8.3 per cent of the country's total, according to the Shanghai
Banking Regulatory Commission.
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