Five specialists who have contributed to financial market reforms and opening up were honored with 2014 Shanghai Financiers Awards Monday evening, a signal of Shanghai's rising soft power as a financial center, said the city's deputy mayor Tu Guangshao.

The five winners are Wang Hongxia, managing director of bill operation with Agricultural Bank of China; Shen Gang, deputy managing director of Shanghai Gold Exchange; Wu Xiaoqiang, deputy chairman of supervisory committee of China Financial Futures Exchange; Xu Jinghui, executive president and managing director of China Pacific Life Insurance Co Ltd; and Helen Wong, Deputy Chairman, President and CEO, HSBC China.

Shanghai has been piloting a series of policies and pushing forward financial reforms in the China (Shanghai) Piloted Free Trade Zone, including the launch of international board of Shanghai Gold Exchange, Shanghai HongKong Stock Connect, and has greatly enhanced cross-border renminbi settlement.

"In the future more precious metals will be traded at the international board, which will further open up China's precious metal trading market, and trading of physical gold options will be introduced when conditions mature," said Shen.

"The financial reforms within the FTZ and opening up of China's financial market will further accelerate internationalization of renminbi," said Wong.