Goldman Sachs to China: Loosen Rules to Make Shanghai a Global Financial Hub
This could mean more investment options and lower fees for your retirement account.
Goldman Sachs president John Waldron called on China to loosen foreign exchange rules, ease cross-border data restrictions and improve regulatory transparency as policymakers seek to strengthen Shanghai’s role as an international financial centre. At the 38th International Business Leaders’ Advisory Council meeting on Sunday, Waldron, also the investment bank’s chief operating officer and widely seen as a front runner to succeed current CEO David Solomon, said Shanghai has an enormous opportunity to become a leading global capital market centre. He said transparency, predictability and consistency are the three most important things that generate confidence in global investors to allocate capital to this marketplace versus other global opportunities.
- Goldman Sachs wants China to ease rules on money moving in and out of the country.
- If Shanghai becomes a global financial hub, you could get more investment choices and lower fees.
- But China is likely to move slowly because it fears losing control over its economy.
Why It Matters
More investment options and lower fees could boost your retirement savings and financial flexibility.