London loses ground as New York strengthens position as top global finance hub

London now the only European centre in the top 10 after Shenzhen replaced Paris in 10th place

New York has extended its lead among the leading global financial cities.

New York has extended its lead among the world's top financial centres, with runner-up London losing ground to increasingly competitive rivals in the US and Asia, the Global Financial Centres Index (GFCI) shows.

The index, from think-tank Z/Yen Group in partnership with the China Development Institute, showed the US financial capital holding the top spot with 759 points, down three points from six months ago.