''China outlines plans to turn Shanghai into global money hub''

"China laid out more specific plans to turn Shanghai into a global financial centre by 2020, listing a series of targets for the next three years to make the city a hub for yuan trading.

The plan for Shanghai’s financial innovations through 2015 included establishing the central bank’s daily yuan fixing and the government-backed money rate as benchmarks in onshore and offshore markets."

from malaysian insider...