The inauguration of the central bank's Shanghai headquarters will accelerate the development of Shanghai as an international financial center, said a senior official with the central bank in Beijing yesterday.
In a press release on the bank's website, Xiang Junbo, vice governor of the People's Bank of China, or the central bank, made the above remarks.

The bank inaugurated its second headquarters in Shanghai, the country's financial hub, on Aug. 10, with Xiang as its head.

Xiang said international experience has shown that the establishment of a central bank headquarters will promote the development of international finance and vice versa.

He said he believed that the Shanghai headquarters will also be a model in this regard.

Xiang said Shanghai, by improving its service and efficiency, will attract more financial organizations and personnel.

On the other hand, by financial exchanges and cooperation with foreigners, the Shanghai headquarters will also enhance the overall influence of Shanghai.

A lot of leading Chinese financial institutions, such as China's foreign exchange market, interbank lending market, gold market, diamond market as well as the Shanghai Stock Exchange, are located in the municipality.

With the establishment of the Shanghai headquarters, some departments of the central bank whose businesses are closely related to the market will be moved to the eastern China metropolis.