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London retains top in 2017 Global Financial Centres Index;Mumbai ranked at 60th position

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London retains top rank in Global Financial Centres Index 2017; Mumbai ranked at 60th position

On 11th September 2017, Global Financial Centres Index 2017 was released, in which London has retained its 1 rank despite major issues regarding Brexit.london

On 11th September 2017, Global Financial Centres Index 2017 was released, in which London has retained its 1 rank despite major issues regarding Brexit.
Global Financial Centres Index 2017:-
Global Financial Centres Index 2017:
i.This is the 22nd edition of Global Financial Centres Index.
ii.The Global Financial Centres Index provides ranking of competitiveness for the major financial centres around the world.
iii.The Global Financial Centres Index is compiled by China Development Institute (CDI) in Shenzhen and Z/Yen Partners in London.
iv.The first GFCI was released in March 2007.
v.GFCI is updated twice a year in March and September.
vi.London has retained its 1st position this year also in spite of Brexit (exit of United Kindom from European Union).
vii.  London is followed by New York in the second position and Hong Kong in the third.
viii. The difference in points between second and third positions were very less.
To prepare this 22nd edition of GFCI 108 financial centres all over the world were studied
The rankings were done based on the following 5 areas of competitiveness:
ix.To prepare this 22nd edition of GFCI 108 financial centres all over the world were studied.
x.The rankings were done based on the following 5 areas of competitiveness:
– Business Environment
– Human Capital
– Infrastructure
– Financial Sector Development
– Reputation
xi.Mumbai has managed to get 60th rank in the list.
xii.An overall drop in confidence was seen among leading financial centres.
xiii.The top five positions did not see much of a change.
xiv.Asia Pacific region’s leading financial centres have seen a downfall.All Eastern      European financial centres have shown a rise in their rankings.
xvi.All North American leading financial centres had a downfall.
xvii.Latin American centres have done well.
xviii.Middle East and Africa have shown mixed results.
xix.China has shown a good development. Chinese financial Centres Shanghai is in 6th rank and Shenzen is in 20thrank.
About United Kingdom
Capital – London
Currency – Pound sterling
Official language – Englis
Prime Minister – Ms.Theresa May