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Hong Kong joins leading global financial hub league

Hong Kong ranks among the top three global financial centers, after London and New York, according to the Global Financial Centres Index.

Hong Kong continues to rank as Asia’s premier global financial center, according to the 10th edition of the Global Financial Centres Index (GFCI 10), released in late September. Compiled by London-based Z/Yen Group, the index ranks Hong Kong just after London and New York in terms of its competitiveness.

The instrumental factors used in compiling the index are grouped into five key areas: people, business environment, market access, infrastructure and general competitiveness. 

The latest GFCI rating shows Hong Kong has narrowed the gaps with New York and London. Hong Kong is up 11 points since GFCI 9 and now trails New York and London by 3 and 4 points respectively. It is also noted that the three top centers are now only four points apart, compared with a 16-point gap between the first and third in GFCI 9. “There is no significant difference between London, New York and Hong Kong,” the index noted, adding that many respondents continue to believe these centers work together for mutual benefit.

GFCI 10 also recognized that these three centers continue to be global leaders, with broad and deep financial-services activities, and are connected with many other financial centers. These centers also control a large proportion of financial transactions (about 70% of equity trading) and are likely to remain powerful for the foreseeable future.

Details of the index and ratings can be found at [http://zyen.com/PDF/GFCI%2010.pdf].

 

 


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