China stresses financial center in Shanghai to match status of economy, yuan

China's goal to build Shanghai into an international financial center by 2020 will match the status of the national economy and the Chinese currency, a senior official said here Thursday.

The internationalization of the yuan and the currency's free convertibility are related to various factors, Liu Tienan, deputy head of the National Development and Reform Commission, told reporters at a press conference held in Shanghai.

Endeavors for reforms and development in this aspect still face a number of difficulties, he added.

Liu made the remarks taking a question from a U.S. reporter saying whether Shanghai would encounter difficulties in building an international financial center when the yuan is not freely convertible.

China's State Council unveiled Thursday detailed plans to build Shanghai into an international financial and shipping center by 2020.

Source: Xinhua