News

China Construction Bank Corporationsigns MoU with London Stock Exchange Group

2014-09-12

China Construction Bank (CCB) today signed a memorandum of understanding (MoU) with London Stock Exchange Group (LSEG). The agreement, signed By CCB Chairman, Hongzhang Wang and LSEG CEO, Xavier Rolet, will see the two organisations enter a strategic cooperation and work together to expand each company’s access to UK, European and Chinese markets as well as promoting the development of the offshore Renminbi (RMB) market in the UK.

CCB is actively promoting the internationalization of the RMB. Earlier this year, CCB became the first RMB clearing bank in London.  

Within the framework of the MoU, CCB intends through its subsidiary, CCB International to promote the exploration of establishing multiple series of ETF products including the RQFII Money Market ETF. This would be listed in London and provide UK investors the opportunity to invest into Chinese equity and fixed income markets. This product would become the first RQFII Money Market ETF outside of China, and Europe’s first RQFII ETF product directly traded and settled in RMB.  

The London offshore RMB market is fast expanding, becoming the most significant offshore RMB market outside of China. However, there is still room for development in areas such as the design of RMB financial products and the widening of market participants.

In June this year, CCB Chairman of the Board, Mr. Wang Hong Zhang gave a speech at the “UK-China Financial Forum”. He emphasized CCB’s commitment to promoting and developing offshore RMB hedging products such as options, interest rate swaps and currency swaps, as well as other offshore RMB investment products, including commercial paper and bond trading.

CCB is delighted to be designated as the first RMB clearing bank in London and is keen to fully leverage this status, allowing it to capture numerous international business opportunities in RMB trading.

Head Office Address: 12/F, CCB Tower, 3 Connaught Road Central, Central, Hong Kong
Telephone: 852-3911 8000  Fax: 852-2530 1496
Copyright © CCB International (Holdings) Ltd. All Rights Reserved. Terms And Conditions

Follow WeChat Official Accounts