GFCI 28 Headlines
London improved its performance, and while it remained in second position, it closed the gap in the GFCI ratings on New York.
Shanghai overtook Tokyo to take third place. While Hong Kong and Singapore took fifth and sixth place.
GFCI 28 again shows a relatively high level of volatility, with 23 centres rising ten or more places in the rankings and 20 falling ten or more places.
Overall, the average rating of centres in the index dropped over 41 points (6.25%) from GFCI 27, which may indicate a more general lack of confidence in finance during a time of continuing uncertainty around international trade, the impact of the covid-19 pandemic on individual economies, and geopolitical and local unrest.
All of the top ten centres in the index increased their ratings in GFCI 28, reversing recent trends. Of the next 40 centres, 12 improved their rating while 27 fell. This may indicate increased confidence in leading centres during the covid-19 pandemic.
The top 20 centres are shown in the table below.
Eastern Europe & Central Asia
Middle East & Africa
Latin America & The Caribbean
Full details of GFCI 28 can be found at www.globalfinancialcentres.net
Professor Michael Mainelli, Executive Chairman of Z/Yen, said:
"GFCI 28 shows increased confidence in the leading financial centres, but a general reduction in confidence in other centres. Uncertainty about trade, political stability, and the economic impact of the covid-19 pandemic has injected more volatility into the index results. New ways of working are challenging the concept of a traditional financial centre. For example, the physical City of London has had an economically torrid covid-19, while financial services in SouthEast England have had a bumper year.”
Information For Editors
About GFCI 28
GFCI 28 rates 111 financial centres across the world combining assessments from financial professionals with quantitative data which form instrumental factors.
GFCI 28 uses 54,509 financial centre assessments collected from 8,549 financial services professionals who responded to the GFCI online questionnaire. The GFCI is updated regularly and ratings change as assessments and instrumental factors change.
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Previous editions of the GFCI can be accessed at www.longfinance.net/programmes/financialcentrefutures/global-financial-centres-index/publications.html
The GFCI is updated every March and September and receives considerable attention from the global financial community. The index serves as a valuable reference for policy and investment decisions.
Z/Yen is the City of London's leading commercial think-tank, founded in 1994 to promote societal advance through better finance and technology. The Global Financial Centres Index was created in 2005, first published in 2017, and published every six months since. In July 2016, Z/Yen and the China Development Institute (CDI) in Shenzhen established a strategic partnership for research into financial centres. GFCI is published as part of the Financial Centre Futures research in Z/Yen’s Long Finance knowledge hub.
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