Shanghai needs to improve in areas including financial product pricing and transaction services in order to become a global center for yuan-denominated assets, central bank Governor Yi Gang said Thursday at a high-level forum.
As global index compiler MSCI and Bloomberg have now included Chinese A-shares and bonds respectively into their indexes, Shanghai’s financial markets need to improve transaction and consulting services to meet the needs of global investors who hold or trade these yuan-denominated assets, Yi said at the Lujiazui Forum, an annual gathering of senior financial regulators, experts and market participants in Shanghai.
Shanghai markets also need to accurately price financial products to make the city a crucial global asset-pricing center, and improve risk hedging tools including different types of financial derivatives, Yi said.
The central bank supports Shanghai’s efforts in applying new technologies such as artificial intelligence, big data and blockchain to the financial sector, said Yi.
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