Euroclear Bank and China Construction Bank (CCB) have signed a Memorandum of Understanding (MoU) to further develop the offshore Renminbi (RMB) capital market.
CCB chairman Wang Hongzhang, Euroclear group chairman Marc Antoine Autheman, and Euroclear chief technology and services officer Lieve Mostrey attended the signing ceremony.
The MoU commits both parties to working together in the development and distribution of offshore RMB financial products, in addition to the provision of services to offshore RMB market participants.
CCB would, through its subsidiary CCB International (Holdings), work closely with Euroclear Bank in the further promotion of the international issuance structure for ETFs, following the March launch in London of the first ever RMB-denominated international money market ETF.
“By leveraging Euroclear’s global network, CCB will help drive the development of offshore RMB markets and assume a leading role in the financial cooperation between China and Europe,” said Wang Hongzhang, CCB’s chairman.
“Euroclear has keenly supported the offshore RMB market’s rapid growth over the past few years, further promoting Belgium’s development as a financial centre. Partnering with CCB enables us to provide our global client base enhanced access to the flourishing offshore RMB market,” added Marc Antoine Autheman, chairman of the Euroclear group.