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Central bank to open 2nd HQ in Shanghai
By Jiao Xiaoyang and James Leung (China Daily)
Updated: 2005-08-10 05:32
SHANGHAI: The People's Bank of China (PBOC), the central bank, is to open its
second headquarters in Shanghai's Pudong financial district today, relocating
some open-market operations away from its Beijing headquarters.
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part of Shanghai's Lujiazui business district.
[net] | PBOC will move some departments "closely related to the financial market" to
Shanghai, China's largest city and commercial centre, an anonymous source with
PBOC's Shanghai Branch told China Daily yesterday.
The Beijing headquarters will continue to run operations related to monetary
policy, financial research, note issuance, statistical data and anti-money
laundering, according to the source.
Xiang Junbo, a vice-governor of PBOC, will head the Shanghai headquarters.
The second headquarters and the Shanghai Branch will operate separately, but
some officials with the branch may assume jobs in the headquarters, said the
source.
"Separating the decision-making and financial policy implementing departments
will make a clear division of the role of Beijing and Shanghai in the financial
market," said Charles Li, an associate professor of economics and finance at the
City University of Hong Kong.
"Shanghai is poised to be the financial hub of China with a relatively
well-established financial infrastructure compared with Beijing," Li noted.
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