Shanghai ranks as 8th top financial hub

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Shanghai is the eighth top financial hub in the world, according to the International Financial Center Development Index. The new index tracks 45 global financial centers and was launched by Xinhua News and Dow Jones Indexes.

Shanghai is well on the way of fulfilling its ambition of becoming the world's leading financial center by 2020. It's also rated as having the most potential, based on indicators of market growth, economic outlook, innovation efforts and prospects.

The city is already home to the Shanghai Stock Exchange, which is expected to be the biggest market on initial public offering this year. It's also host to China's sole gold exchange, foreign currency bourse and the major metals futures exchange.

In order to achieve its 2020 goal, Shanghai will create a multi-layered financial market, promote the opening of financial services and ensure financial stability in the coming years. The index rated New York, London and Tokyo as the world's top three financial hubs.