China wants to bring the trading of its currency “in house” and out of the hands of traders in the West and Japan. It makes sense. Why not control trading of your own currency?
According to Reuters,
China intends to establish Shanghai as the global centre for yuan trading, clearing and pricing over the next three years as part of broader plans to make the commercial hub an international financial centre by 2020.
The plan for Shanghai’s financial innovations through 2015, published jointly by the country’s economic planning agency and the Shanghai government on Monday, set goals on a wide range of areas aimed at further developing Shanghai, though some analysts said many of them appeared ambitious
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