GFCI 11 Published Today - Chinese and Eurozone Centres Languish whilst Offshore Centres Regain

20 March 2012

Today the Z/Yen Group publishes the eleventh Global Financial Centres Index (GFCI 11) covering 77 financial centres. 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

Rank

Rating

Rank

Rating

Rank

Rating

London

1

781

1

774

-

â–² 7

New York

2

772

2

773

-

â–¼ -1

Hong Kong

3

754

3

770

-

â–¼ -16

Singapore

4

729

4

735

-

â–¼ -6

Tokyo

5

693

6

695

â–² 1

â–¼ -2

Zurich

6

689

8

686

â–² 2

â–² 3

Chicago

7

688

7

692

-

â–¼ -4

Shanghai

8

687

5

724

â–¼ -3

â–¼ -37

Seoul

9

686

11

679

â–² 2

â–² 7

Toronto

10

685

10

680

-

â–² 5

Boston

11

684

12

678

â–² 1

â–² 6

San Francisco

12

683

9

681

â–¼ -3

â–² 2

Frankfurt

13

681

16

667

â–² 3

â–² 14

Geneva

14

679

13

672

â–¼ -1

â–² 7

Washington D.C.

15

677

14

670

â–¼ -1

â–² 7

Sydney

16

674

15

669

â–¼ -1

â–² 5

Vancouver

17

667

17

661

-

â–² 6

Montreal

18

658

20

652

â–² 2

â–² 6

Munich

19

656

22

649

â–² 3

â–² 7

Melbourne

20

653

18

656

â–¼ -2

â–¼ -3

Mark Yeandle, Associate Director of the Z/Yen Group and one of the authors of the GFCI, said:

“Frankfurt and Paris are the exception within the Eurozone. Whilst centres like Madrid, Lisbon and Athens continue to struggle, the German and French capitals have climbed in the GFCI. I believe that this is due to the leading roles of their governments in trying to resolve the Euro crisis.”

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