A tale of two cities: can Shanghai challenge Hong Kong’s offshore finance crown? (opens original article in a new tab)

Hong Kong seeks to solidify its position as a global financial center amid Shanghai's growing offshore finance capabilities backed by Beijing's support.

• Hong Kong aims to maintain its status as a global financial center by leveraging unique advantages and national strategies.
• Shanghai's rapid development of offshore markets, supported by Beijing, raises questions about potential pressure on Hong Kong's dominance in the sector.
• The People's Bank of China introduced a pilot foreign-exchange trading program in Shanghai's free-trade zone as part of a broader offshore finance development plan.