Chinese and Eurozone Centres Languish whilst Offshore Centres Regain
Today the Z/Yen Group publishes the eleventh Global Financial Centres Index (GFCI 11) covering 77 financial centres. Very many thanks for your contribution to the index and as promised here are the main headlines. The big changes from GFCI 10 in September 2011 are:
- The past trend of large rises in the ratings of Asia/Pacific centres has paused. Hong Kong, Singapore, Tokyo, Shanghai, Beijing, Taipei and Shenzhen all decline in GFCI 11. Centres on the mainland of China have seen significant declines with Shanghai down 37 points and Beijing down 11.
- The capital cities of the weaker Euro economies continue to suffer. Dublin, Milan, Madrid, Lisbon and Athens were all down in GFCI 10 and this decline has continued in GFCI 11with these five centres all down in the rankings again.
- In contrast to the centres in the weaker Eurozone economies, Frankfurt and Paris have both risen in the ranks. This may be as a result of the political lead that Germany and France have been showing in attempting to come to terms with the Eurozone crisis.
- Offshore centres have suffered significant reputational damage recently. The man offshore centres are recovering lost ground. Jersey, Guernsey, the Cayman Islands, the British Virgin Islands, the Isle of Man, Gibraltar and Mauritius have all made modest gains in the ratings.
GFCI 11 Top 20:
|GFCI 11||GFCI 10||Change|
|New York||2||772||2||773||-||▼ -1|
|Hong Kong||3||754||3||770||-||▼ -16|
|Tokyo||5||693||6||695||▲ 1||▼ -2|
|Zurich||6||689||8||686||▲ 2||▲ 3|
|Shanghai||8||687||5||724||▼ -3||▼ -37|
|Seoul||9||686||11||679||▲ 2||▲ 7|
|Boston||11||684||12||678||▲ 1||▲ 6|
|San Francisco||12||683||9||681||▼ -3||▲ 2|
|Frankfurt||13||681||16||667||▲ 3||▲ 14|
|Geneva||14||679||13||672||▼ -1||▲ 7|
|Washington D.C.||15||677||14||670||▼ -1||▲ 7|
|Sydney||16||674||15||669||▼ -1||▲ 5|
|Montreal||18||658||20||652||▲ 2||▲ 6|
|Munich||19||656||22||649||▲ 3||▲ 7|
|Melbourne||20||653||18||656||▼ -2||▼ -3|
GFCI 11 uses 26,853 financial centre assessments completed by 1,778 financial services professionals. Since 2007, well over 100,000 assessments from over 6,000 respondents have built the index. GFCI is updated regularly and ratings change as assessments and instrumental factors change. To view the GFCI 11 report or to participate in GFCI 12 by rating the financial centres with which you are familiar, please see:
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