China Construction Bank and Euronext Paris Sign Memorandum of Understanding (MoU) on the cooperative development of RMB exchange-listed fund


Chinese Premier Li Keqiang and French Prime Minister Manuel Valls, witnessed the signing of a MoU on cooperative development and promotion of RMB exchange-listed fund by China Construction Bank Corporation (CCB) Chairman Wang Hongzhang and Euronext Interim CEO Jos Dijsselhof.

In the MoU, CCB and Euronext Paris agree to develop diversified RMB financial products in Europe, including the first RMB denominated money market ETF in Eurozone already listed on Euronext Paris.. CCB considers the first RMB denominated money market ETF in Eurozone launched by its subsidiary CCBIAM as a breakthrough, which strives to support the strategy of listing CCB’s RMB products in multiple markets, i.e. the implementation of a multi-time zone, cross-market offshore RMB fund, covering major markets worldwide.

In recent years, CCB has been actively promoting its transition into a globalized conglomerate and its offshore RMB business in Europe is a key element in its internationalization strategy. Last year, CCB has signed a MoU with the London Stock Exchange. On 29 June , Chinese Premier Li Keqiang witnessed the signing of a MoU between CCB and Euroclear. And today, CCB agrees with Euronext Paris in developing RMB exchange-listed products. All these represent an important milestone in this developmental strategy. The cooperation with Euronext will drive the two parties  in developing France offshore RMB market, establishing a RMB asset management and trading platform in Europe, and eventually creating a sustainable ecosystem for RMB in the area.

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