China moved up to the 22nd place in terms of financial development in 2010, four places higher than last year, the World Economic Forum (WEF) said in a report released in New York on Thursday.

The Financial Development Report ranks 57 of the world's leading financial systems and capital markets. It analyzes the drivers of financial system development in advanced and emerging economies to serve as a tool for countries to benchmark themselves and set reform priorities.

"A highly stable currency and low risk of sovereign debt crisis contributed to the stability of China's overall financial system," James Bilodeau, associate director of Financial Institutions of WEF, told Xinhua.

"China's non-banking financial services also display strength across insurance, IPO and M&A (mergers and acquisitions) activities," he said.

China's Hong Kong Special Administrative Region rose from fifth place last year to third this year, retaining the top rank in the Asia-Pacific region.

The United States ranked first in 2010, up from the third place last year, mainly thanks to a strong rebound in its non-banking financial services and financial markets after the financial crisis.

Britain lost its top ranking and came in second this year.

Despite their top overall rankings, the United States and Britain placed only 39th and 40th, respectively, in financial stability.

Kevin Steinberg, chief operating officer of the WEF, said the uncertainties over the US dollar and the weakness of sovereign debt in some European countries affected their financial stability.

(Xinhua News Agency November 5, 2010)