Big city, big ambitions. Shanghai is ramping up its goal to rival New York and London as a global finance centre by 2020. Authorities have announced plans for Shanghai to become a massive onshore yuan trading hub in just three years. So where does this leave China's offshore trading centre, Hong Kong? China's two financial capitals have long been competing for supremacy. 　　Despite Shanghai's stellar growth, analysts say Hong Kong has nothing to fear, at least in the short term. Enzio Von Pfeil (CEO, Commercial Economics Asia): "I think the one that will actually win the competition here will be Hong Kong, because I think that Shanghai will not be able to internationalise the yuan on a three-year view, they simply will not have the rule of law with which to do that. 　　" China's latest announcement shows it still wants to keep a tight grip on its currency despite international calls to free up the yuan. It declared Shanghai will fix yuan prices and lending rates for all yuan trade by 2015. But analysts say China should take its cue from more open markets. 　　Enzio Von Pfeil (CEO, Commercial Economics Asia): "If Shanghai is smart they will also tap into London and Hong Kong's expertise to really create a win-win situation for everybody. 　　" China has promoted Hong Kong as an international trading hub, helping its long-term goal to internationalise its currency. But for investors eager to trade the yuan this week's move shows China still intends to call the shots on how and when it allows its currency to freely float. (Tessa Dunlop/ Reuters)