Construction of Shanghai Financial Market System
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Developing financial markets is key to construction of Shanghai as a financial center. Currently, Shanghai’s financial market system has been maturing as a national platform for trading stocks, bonds, currencies, exchange-trade funds, commodities, financial futures, derivatives, and gold. Shanghai is one of a few financial centers in the world with a relatively complete range of financial products. Shanghai is home to the Shanghai Stock Exchange, the China Foreign Exchange Trade System and National Interbank Funding Center, the Shanghai Gold Exchange, the Shanghai Futures Exchange, the China Financial Futures Exchange and the Interbank Market Clearing Corporation Ltd.
The spectrum of financial products and investment tools has flourished with the expanding size of the market. In 2013, transactions on Shanghai’s financial markets reached 639 trillion yuan, up 21 percent from a year earlier. Direct financing was 3.96 trillion yuan, edging up 1.8 percent from the year earlier.. Transactions on the Shanghai Stock Exchange jumped 58 percent to 86.5 trillion yuan, with turnover of stocks up 39.6 percent to 12 trillion yuan and bond trading rising 64.8 percent to 23 trillion yuan. Annual turnover of stocks ranked the fifth in the world.
At the end of 2013, the market value of Shanghai-listed shares had fallen 5 percent from a year earlier to 15.1 trillion yuan, ranking seventh in the world. Transaction volume on the Shanghai Futures Exchange rose 35.5 percent to 120.8 trillion yuan. Trade on the Shanghai Financial Futures Exchange mounted to 141 trillion yuan, up 85.9 percent from a year earlier. The transaction volume of the Shanghai gold market increased 48 percent to 5.2 trillion yuan. Annual trading of gold and silver doubled from a year ago, and spot trading of gold in Shanghai continued to be the world’s largest. Trade through the China Foreign Exchange Trade Center and the interbank market edged down 6.4 percent to 285.1 trillion yuan.