BEIJING (Commodity Online): China is planning to make Shanghai the world's focus point of Yuan trading, clearing and pricing by 2012 as per a detailed plan submitted by the country's National Development and Reform Commission (NDRC).
The plan has set an initial target of 1000 Trillion Yuan market volume by 2015. NDRC also said that Shanghai will remain the world's largest Gold spot market (in volume terms) while also aiming to become one of the top five financial derivatives market by 2015.
The daily mid-point (published by the Chinese central bank) has been decided to be the benchmark for domestic and foreign Yuan trading markets while the Shanghai Interbank Offered Rate (SHIBOR) will be the benchmark for Yuan credit everywhere.
