China Europe International Exchange (CEINEX) officially commenced operation on November 18 in Frankfurt; the Commerzbank CCBI RQFII Money Market ETF (the “ETF”) was the first batch of products to be listed on CEINEX.
The RMB denominated and traded ETF was launched by CCB International, a wholly-owned subsidiary of the China Construction Bank (CCB). The ETF invests in fixed-income securities in China via the RQFII quota.
CENIEX is a joint venture founded by the Shanghai Stock Exchange, the Deutsche B?rse Group and the China Financial Futures Exchange, and provides offshore RMB listing and trading services. At the end of last month, the Chinese Premier and the German Chancellor witnessed the signing of a Memorandum of Understanding between CCB and CENIEX, where the two parties agreed to cooperate with each other to promote the RMB denominated securities in the Eurozone. The listing of the ETF on CENIEX implemented a key commitment in the MOU and further strengthened the cooperation between CCB and CENIEX.
As one of the world’s pre-eminent banks in the RMB business, CCB will continue to implement and improve its internationalization strategy. Through CCB International’s licensed subsidiary, CCB plans to issue a series of RMB denominated investment products, and strive to boost the needs and uses of the RMB in the European market.