Shanghai to be world's largest financial centre

In absolute size, China's equity markets have now grown to a significant level, up from US$400bn in 2005 to US$4trn in 2010. This growth has been fuelled by over 500 initial public offerings, including the listings of China's largest banks, which means Shanghai now has some of the world's largest companies represented on its bourse. In a joint report by KPMG, FTSE Group and Dagong Global Credit Rating, the importance of the internationalisation of the RMB is highlighted and progressive steps towards the launch of the International Board on the Shanghai stock exchange. The new board aims ...