China Construction Bank and Euroclear Bank jointly promote infrastructure of global RMB financial products platform Sign Memorandum of Understanding

June 29, 2015) China Construction Bank (CCB) and Euroclear Bank (Euroclear) entered into a Memorandum of Understanding (MoU) at Chateau Val Duchesse close to Euroclear’s headquarters in Belgium. The MoU commits both parties  to fully cooperate in the development of offshore RMB financial products, financial infrastructure, and client resources, as well as the provision of high quality services to offshore RMB market participants. CCB Chairman, Wang Hongzhang and Euroclear Group Chairman Marc-Antoine Autheman and Chief Technology and Services Officer Lieve Mostrey, attended the signing ceremony.

Under the MoU, both parties will endeavour to support CCB’s RMB products multi-listing strategy , a multi-time zone, cross-jurisdiction, 24-hour trading offshore RMB fund, covering the key markets in Europe, Asia, North America and South America.
Euroclear is the world’s largest international central securities depository. Its business covers bonds, equities, derivatives and funds. Its clientele includes 90% of the world’s top 50 banks, and over 100 central banks.

With the expansion of overseas businesses, the establishment of financial infrastructure is key to the successful development of offshore RMB products. On this occasion, this forward-looking and mutually supportive cooperation between CCB and Euroclear represents a significant breakthrough in CCB’s offshore RMB business in Europe. By leveraging Euroclear’s multi-time zone settlement and asset servicing network, it puts CCB in an advantageous position to be more proactive and comprehensive in developing market infrastructure in Europe and other offshore RMB markets around the world. This has great significance both at present and in the long term, in driving financial cooperation between China and Europe and the internationalization of the RMB.