政府新闻
报告称，上海保持全球资产管理中心第六名的地位 2023-09-06
Shanghai Keeps Sixth Place as Global Asset Management Center, Report Says
Shanghai remained sixth among global asset management centers this year despite the impact of US interest rate rises and the Covid-19 pandemic, according to an annual ranking compiled by a research group at CEIBS Lujiazui Institute of International Finance.
China’s asset management market is growing rapidly, underlying assets have burgeoned and become more diversified, global asset management giants have set up business units in Shanghai, and the internationalization of the Chinese yuan has progressed, helping the city maintain its place in the rankings, the report said.
New York came first with an absolute predominance, and Paris moved up six spots to second, overtaking London by a small margin. Rising demand for risk-hedging products drove Chicago to the fourth spot after tying with Shanghai for sixth last year. Frankfurt climbed seven places to seventh as its stock and bond markets soaked up funds from London.
Singapore slipped to the fifth spot, and Hong Kong dropped five rungs to end in 10th place because of its shrinking stock market valuations and net fund sales. Beijing jumped seven places to rank 15th thanks to the establishment of the Beijing Stock Exchange, according to the report.
Paris climbed so much because of the size of its stock market value, environmental, social, and governance issues, and exchange-traded funds and bonds jumping by 30 percent to 50 percent this year.
Brexit has caused more funds to flow out of London's stock and bond markets, a sharp decrease in the number of initial public offerings on the London Stock Exchange, and has shrunk the net asset size of local open funds.
Affected by capital flows and ESG investment, major cities in the Eurozone scaled the ladder this year, compared with 2022’s rankings, while most cities in Asia headed lower.
Building a global asset management hub is the only way for Shanghai to improve as an international financial center, Guan Tao, chief scientist at BOC International Holdings, said at the press conference held for the report’s release.
Marketization of the exchange rate will help consolidate and enhance Shanghai’s status as a global asset management center, Guan added. Marketization has increased, and the yuan’s two-way fluctuation has become more flexible since August 2019 as the People's Bank of China has withdrawn from normal intervention in the foreign exchange market, Guan added.
“The fluctuation of the yuan exchange rate does not affect the domestic financial and price stability, but it has become a 'shock absorber' to offset internal and external shocks,” Guan said.
Source: Yicai Global
