May 26, 2024

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New York stays leading in finance as London loses ground, index exhibits

1 min read

LONDON (Reuters) – New York retained the prime location in the hottest International Monetary Centres Index (GFCI), with London clinging on to next position in the experience of competitiveness from Shanghai and other Asian centres.

The index, compiled by the Z/Yen Team, a London-dependent imagine tank, and the China Progress Institute, looks at 143 yardsticks delivered by exterior functions these as the Planet Bank, The Economist Intelligence Device, the OECD and United Nations.

Based on 65,507 assessments of economical centres offered by 10,774 respondents to the GFCI on the net questionnaire, New York held on to the major end with 764 factors, whilst London dropped 23 points to 743, just just one place in advance of Shanghai.

The upcoming 5 spots ended up crammed by Asian economical centres, with two European centres generating up the rear in the top rated 10.

GRAPHIC: Metropolis Index March 2021 – https://fingfx.thomsonreuters.com/gfx/mkt/gjnvwoxbbvw/Town%20Index%202021.PNG

“A 4 issue increase would position Singapore 2nd only to New York. It’s tight at the major, and no time for complacency,” mentioned Michael Mainelli, executive chairman of Z/Yen.

Asian fiscal centres make up six of the top 10, with 3 from Europe, which include Frankfurt and Zurich.

Frankfurt changed San Francisco in the prime 10, “perhaps benefiting from the exit of the United kingdom from the European Union,” GFCI claimed.

GRAPHIC: Metropolis Index Competitiveness – https://fingfx.thomsonreuters.com/gfx/mkt/oakvelmxypr/Town%20Index%20Competitiveness.PNG

(Reporting by Huw Jones. Editing by Mark Potter)

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