China to make Shanghai global RMB center by 2015

China plans to make Shanghai a global center for innovation, transaction, pricing and clearing of RMB-denominated financial products by 2015.

The plan is part of China's bid to build Shanghai into an international financial center by 2020 with China's economic weight and its currency taking a more prominent position on the world stage.

The 12th Five-Year Plan period from 2011 to 2015 will be "a period of strategic opportunities" for the construction of the international financial center, the National Development and Reform Commission said in a statement.

The government aims to increase the total transaction value of all financial markets in Shanghai, barring foreign exchange markets, to around US$158.5 trillion by 2015.

That will be more than double the transaction value of 2010, which stood at 386.2 trillion yuan, up 10 times from 2005.

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Tags: RMB, product center, Shanghai, financial products, financial center