Date GFCI 29 Headlines New York again headed the rankings in the Global Financial Centres Index 29, launched today by Z/Yen Group in partnership with the China Development Institute (CDI) in London and Hong Kong. London fell to only one point ahead of third place Shanghai. Hong Kong moved up a place to fourth, one point behind Shanghai, with Singapore in fifth position. Tokyo dropped three places from fourth to seventh. Frankfurt replaced San Francisco in the top 10 in this edition, gaining seven rank places, perhaps benefiting from the exit of the UK from the European Union. GFCI 29 shows a relatively high level of stability in the top half of the index, with few centres changing 10 or more places in the rankings. In the lower half of the index, there was more volatility, perhaps reflecting some uncertainty about the resilience of emerging and smaller centres.