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New York keeps top spot above London in Z/Yen financial centre index

By Ramla Soni

Tokyo beats Hong Kong, Singapore and Shanghai to take third place

At the top of Z/Yen Group’s rankings of global financial centres, New York continues to take the lead over London, while Tokyo beat Hong Kong, Singapore and Shanghai into third place.

Financial centres in eastern Europe and central Asia showed growing improvement.

Geneva, Los Angeles and San Francisco entered the top 10, pushing Dubai, Shenzhen, and Sydney, the Z/Yen consultancy said.

Hong Kong fell from third to sixth place.

“Uncertainty about trade, the economic impact of the Covid-19 pandemic has led to much more volatility in the index results than is normal,” Michael Mainelli, Z/Yen Group’s executive chairman, said.

“Competition remains fierce among financial centres.”

The index, which is generated twice a year, rates 108 financial centres based on assessments from 5,064 professionals and backed by quantitative data. It is partnered by the China Development Institute in London and Seoul.

Z/Yen said that New York also came top in the fintech rankings, followed by Beijing, Shanghai, London, and Singapore.

Seven of the top 10 centres for fintech are Chinese, while Vilnius was ranked 13th in its first entry.

FURTHER READING: London toppled by New York as top financial sector

FURTHER READING: UK’s financial sector will 'no longer be a rule-taker' says chancellor

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