Lujiazui is located on the Huangpu River in Pudong New Area, Shanghai, facing the Bund across the river. It is the headquarters of many multinational banks in Greater China and East Asia, and one of the most influential financial centers in China.
During the Yongle period of the Ming Dynasty, the Huangpu River system was formed. When the river met the Wusong River from south to north, it turned eastward and formed a mouth-shaped alluvial beach on the East bank. Lu Shen, a Bachelor of the Imperial Academy in Ming Dynasty, was born and died. So he called this beach land called Lujiazui.
In 1990, the State Council announced the development of Pudong and the establishment of the first state-level Lujiazui Financial Development Zone in China in Lujiazui. Foreign financial institutions operating in Renminbi must open offices in Lujiazui Financial and Trade Zone. Therefore, there are currently several foreign financial institutions operating in Lujiazui. Foreign banks operating in Renminbi include HSBC, Citibank, Standard Chartered Bank, Star Show Bank and Bank of East Asia.