SHANGHAI (Reuters) - the New York Stock Exchange is working with China to launch the international Board of the country that will allow foreign firms to register on the continent, in a gesture seen as a crucial step in the development of capital markets.
Chinese officials have yet to provide details of the International Commission, considered a cornerstone of attempting to Shanghai to become an international financial centre by 2020, although they said he could be launched later this year.
NYSE Euronext (NYX).(N) Chairman Jan-Michiel Hessels said his exchange works with the Chinese authorities on the Board of Directors and his company would be "strongly interested" in the list of exhibits on it.
"We are strongly interested." As a stronger leader stock exchange that we feel that we should be listed on the international scene, "he told Reuters in the margin of a financial Conference in Shanghai."
"It is for the authorities to see if we are still the favorite candidate."
HSBC (HSBA.)(L), Unilever (ULVR)(L) and Standard Chartered Plc (STAN).(L) have said they want to the list on the international Board, which was originally scheduled to be launched in 2010.
Hessels also said that the stock market worked with the Chinese authorities by helping to develop a market of derivatives.
China has taken various measures, including the planned launch of the International Commission, to develop the capital markets of the country and for the construction of Shanghai into a global financial center on par with New York and London.
YUAN CONVERTIBILITY
Speaking at the same Conference, Governor of the Central Bank of China, said the increased use of the yuan in trade and investment will pave the way to becoming a fully convertible currency, although the process will be gradual.
Zhou Xiaochuan was not offered a period of time.
Beijing has tried to revive the world of the influence of its currency by promoting the use of the yuan to foreign trade, bilateral settlement investment and signing currency swaps with other countries.
The yuan widely expected to become a major global reserve currency with the dollar and the euro. Analysts say that to occur, however, China would need make the yuan fully convertible, and the Government gave no clear indication of when that might happen.
"When there is a certain cross-border use of the yuan, there will be a natural demand that the yuan will move to the total and orderly convertibility," Zhou said Lujiazui forum, an annual gathering of Chinese officials and executives of Shanghai.
"The cross-border use of the yuan, at the initial stage, means the use of yuan in commercial activity and investment." "During this time, we allow also the yuan be used in financial transactions in a prudent and cautious manner," said Zhou.
K. c. Chan, Secretary for Financial Services and the Board of Treasury of Hong Kong, has urged Beijing to deregulate its market more quickly to allow an easier flow of the Chinese currency across the border.
China also said funds offshore yuan should be allowed to circulate in markets of continental capital more easily, which would also help to promote the global status of Shanghai.
"A channel for offshore yuan to drain to the mainland market will help to develop Shanghai to become an international financial centre", he told journalists on the sidelines of the Conference.
Zhou made headlines in March 2009, by proposing possibly replace the dollar as main reserve in the world with a consolidated version of the rights special drawing (DTS), unit of account of the Monetary Fund International.
The idea is considered premature by some, but Zhou led a program aimed at stimulating the use of the yuan in trade and investment to ensure the currency becomes a major component of the CSD.
(Additional reporting by Zhou Xin and Kevin Yao in Beijing.) (Editing by Jacqueline Wong)
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