FINANCIAL TIMEZONE STRUCTURE IN ASIA-PACIFIC

Abstract

Several financial indicators are applied to selected centers in Asia-Pacific. These are ranked by each indicator and medians are derived for overall ranking: Tokyo, Hongkong, Singapore and Shanghai; to be challenged when China makes its currency fully convertible, modernizes its financial reporting and legal systems, stops over-regulating, and becomes fluent in English. Shanghai is the likely winner because of its large hinterland, but Hongkong’s skills and international outlook suggest a future as an offshore center. Tokyo’s shortcomings are as Shanghai’s but less accentuated. It has failed to create a solid international following and time for corrective action is running out.