China will make Shanghai the global centre of yuan trading, clearing and pricing by 2015, according to a specific state plan laying out the city's future as an international financial centre.
The detailed plan, published jointly by the country's economic planning agency and the Shanghai government, shows the scale of China's ambition in creating its own version of New York, London or Hong Kong.
China is aiming to transform Shanghai into an international financial centre by 2020 and analysts said Monday's blueprint was likely a part of that longer-term scheme.
Currency traders said the statement by the National Development and Reform Commission (NDRC) was also a message from Beijing that the yuan's movements, which have increasingly been influenced by the offshore market over the past few months, would be decided by the government.
“There have been recent developments that have put Hong Kong's offshore market in the spotlight from time to time, such as its pricing of the yuan quite differently from the onshore market,” said a trader at a European bank in Shanghai.