According to the "News Morning News", on the 20th, the Bank of China Shanghai RMB trading business headquarters was officially established in Shanghai, becoming the first of the four state-owned commercial banks in China to set up a "second headquarters" in Shanghai, which will also be in progress. The construction of Shanghai International Financial Center provides strong support. Shanghai Municipal Party Committee Secretary Yu Zhengsheng and Bank of China Chairman Xiao Gang jointly launched an electronic light ball to unveil the card. Experts generally believe that with the obvious acceleration of the international use of the RMB, the trend of RMB internationalization is becoming more and more obvious. The Bank of China has set up a RMB trading business headquarters in Shanghai, and its strategic intentions are obvious. The bigger and stronger RMB trading business was approved by the China Banking Regulatory Commission. The business scope of the Bank of China's Shanghai RMB trading business headquarters includes: RMB bond proprietary trading, money market trading, precious metals trading and financial institution business. The business headquarters has a financial market department, a financial institution department, a cross-border RMB clearing center and an integrated management department. Shanghai Mayor Han said in his speech that the establishment of the Bank of China's Shanghai RMB trading business headquarters will accelerate the construction of Shanghai RMB Asset Management Center and cross-border investment and financing center, enhance the ability of Shanghai's financial market to allocate global resources and promote Shanghai to 2015. Basically establishing the status of global renminbi product innovation, trading, pricing and clearing center is of great significance and is a milestone in the construction of Shanghai International Financial Center. It is understood that the Bank of China Shanghai Renminbi Trading Business Headquarters will be responsible for the operation and management of the Bank's RMB transactions, financial institutions, and cross-border RMB clearing operations, and will be responsible for unifying the policies and management information of RMB-denominated RMB transactions, financial institutions, and cross-border RMB clearing operations. The above-mentioned business integration management of Bank of China. “The headquarters will comprehensively strengthen and strengthen the RMB trading business and financial institution business.” Xiao Gang said that the establishment of the RMB trading business headquarters is to accelerate the strategic layout of Shanghai business and enhance the radiation capacity of related businesses. Attracting more heavyweight institutions to Shanghai "Strive to establish Shanghai's global renminbi product innovation, trading, pricing and clearing center status by 2015." Han Zheng stressed. The Bank of China also believes that after the establishment of the business headquarters, it will build an important platform for RMB financial institutions at home and abroad to promote the development of RMB trading business and provide strong support for the construction of Shanghai International Financial Center. Attracting and nurturing financial institutions with international competitiveness and industry influence, and further improving the financial institution system, has always been one of the key points in building Shanghai's international financial center. Especially in the case of large state-owned commercial banks targeting China, Shanghai has been trying to attract its non-credit, financial-oriented businesses to settle in Shanghai. In June 2011, the market reported that a large Chinese commercial bank had proposed to establish a “second headquarters” in Shanghai, and the regulatory authorities had “positive response”. Tu Guangshao, deputy mayor of Shanghai, believes that China's current financial structure has begun to change. From a single credit system, it has developed into an investment and financing system and a pattern of credit-based, direct financing and rapid development. The response of commercial banks is to accelerate diversification and respond to the management system, creating deeper solid conditions and foundations for the next step in financial deepening. At present, the head office of Bank of Communications is located in Shanghai, and ICBC, ABC and CCB are also planning to set up a second headquarters in Shanghai. The “headquarters” of the five major state-owned commercial banks are expected to gather in Shanghai.

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