According to Yonhap News,

(SEOUL=Yonhap News) Seoul City announced September 24 that it ranked sixth in the Global Financial Centers Index (GFCI), which measures the financial competitiveness of cities around the world.

Z/Yen, a British consulting firm, announces the GFCI biannually, in March and September. The GFCI is calculated by combining an online survey taken by workers in the financial industry worldwide and the indices of five sectors, including the business environment, financial industry development, infrastructure, human resources and general competitiveness.

The GFCI of Seoul ranked eighth in September of 2014 and seventh in March of 2015.

London ranked first in the September report, followed by New York, Hong Kong, Singapore and Tokyo.

The change in ranking is due to the transformation of Seoul into a financial hub, establishment of infrastructure and improvement of the living and investment environment of foreign residents.

zitrone@yna.co.kr

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