Shanghai has been ranked among the world's top 10 financial centers, moving up 7 places to sixth, according to latest research.

This is the first time that Shanghai has been included in top 10 since the research's inception in 2007.

The study, the 22th Global Financial Centres Index (GFCI 22), published by British consultancy services provider Z/Yen and China Development Instituted researched 108 centers for the edition. Shanghai ranks behind London, New York, Hong Kong, Singapore, and Tokyo.

In a sub-ranking for insurance sector, Shanghai takes the first place, showing that insurers are particularly positive about Shanghai as an international center.

The research also reveals that the city has already established its reputation in Asia-Pacific market but needs to more widely known in Europe and North America.