Hong Kong
29 June 2015
Reporter: Stephen Durham

Euroclear and CCB to develop RMB


Euroclear Bank and China Construction Bank (CCB) have signed an agreement 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, joined by the Prime Minister of China, Li Keqiang, and the Belgian Prime Minister, Charles Michel.

The agreement commits both parties to fully cooperate in developing and distributing offshore RMB financial products, as well as the provision of high quality services to offshore RMB market participants.

CCB will, through its subsidiary CCB International, work closely with Euroclear Bank in the further promotion of the international issuance structure for exhcjange-traded funds (ETFs) following the March launch in London of the first ever RMB-denominated money market ETF in international form.

Hongzhang stated: “The development of robust and reliable infrastructure to support RMB denominated financial instruments is key to achieving our ambitious goal of truly internationalising offshore RMB products.”

“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.”

Autheman added: “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. This milestone reflects Euroclear's commitment to foster an open and connected marketplace, safeguarding both growth and stability in the world’s capital markets.”

More news
The latest news from Asset Servicing Times
Join Our Newsletter

Sign up today and never
miss the latest news or an issue again

Subscribe now
Tom Carey takes on new role at Broadridge
16 January 2018 | New York | Reporter: Zsuzsa Szabo
Broadridge Financial Solutions has appointed Tom Carey to head up the firm’s new international business Broadridge International
Raymond James selects Red Deer for MiFID II
16 January 2018 | London | Reporter: Jenna Lomax
Raymond James Investment Services has chosen Red Deer’s research valuation management solution to adhere to MiFID II
SWIFT and CSDs join forces on proxy voting DLT
15 January 2018 | Brussels | Reporter: Jenna Lomax
SWIFT and seven CSDs have partnered to explore how distributed ledger technology could be implemented in proxy voting and for digital assets
Saxo Bank appoints CCO
15 January 2018 | London | Reporter: Jenna Lomax
Bunce will begin his new role in February 2018 and will report to Kim Fournais, CEO and founder
HSBC creates head of innovation role for blockchain actions
15 January 2018 | London | Reporter: Jenna Lomax
Nabi will be responsible for establishing and managing initiatives across HSS — focusing on technology as well as digital and data solutions
Northern Trust acquires technology resources from Citadel
12 January 2018 | Chicago | Reporter: Jenna Lomax
Citadel has agreed to give Northern Trust the software development rights for Omnium, a software solution, along with an undisclosed number of development staff
Lombard Risk share prices soars after Vermeg takeover offer
12 January 2018 | London | Reporter: Zsuzsa Szabo
Dutch financial software provider Vermeg has set its sights on acquiring Lombard Risk with a £52.08 million cash for shares offer
More news