China Daily: “China plans to make Shanghai, the country’s financial hub, a global center for innovation, transaction, pricing and clearing of RMB-denominated financial products by 2015,the country’s top economic planner said Monday.
“The plan will be part of China’s bid to build Shanghai into an international financial center by2020 amid a shifting global financial landscape, with China’s economic weight and its currencytaking a more prominent position on the world stage.”
http://www.chinadaily.com.cn/china/2012-01/30/content_14507175.htm
This move is not contrary to Hong Kong’s continuing role as the ‘off-shore’ RMB trading centre, probably allied with London to provide 24 hour coverage.
CHINDIA ALERT: You'll be living in their world, very soon 