China Construction Bank and Euroclear sign MoU to foster offshore RMB growth
Brussels and Hong Kong, 29 June 2015 - Euroclear Bank, the Brussels-based international central securities depository (ICSD), and China Construction Bank (CCB) have today 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, joined by the Premier of the State Council of the People's Republic of China, Li Keqiang, and the Belgian Prime Minister, Charles Michel.
Front left: China Construction Bank Chairman Wang Hongzhang
Front right: Euroclear group Chairman Marc Antoine Autheman
Back row from left to right: Deputy Secretary-General of the Chinese State Council Xiao Jie, Foreign Minister of the People's Republic of China Wang Yi, The Premier of the State Council of the People's Republic of China Li Keqiang, Belgian Prime Minister Charles Michel, Deputy Prime Minister and Minister of Foreign Affairs Didier Reynders
The MoU 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 would through its subsidiary CCB International (Holdings) Limited (CCB International) 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 money market ETF in international form.
CCB’s Chairman, Wang Hongzhang stated: “We are delighted to be a partner in this forward-looking and mutually supportive initiative between CCB and Euroclear. 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.”
Marc Antoine Autheman, Chairman of the Euroclear group, commented: “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.”
Note to editors
CCB is a leading commercial bank in China, providing a comprehensive range of commercial banking products and services. Its business consists of three principal business segments: corporate banking, personal banking, and treasury operations. It is among the market leaders in China in a number of products and services, including infrastructure loans, residential mortgage and bank cards. At the end of May 2015, the market capitalization of the Bank reached US$ 251.4 billion, ranking it third among listed banks in the world.
About CCB International
CCB International (Holdings) Limited is an investment services flagship which is wholly-owned by CCB. Its core businesswhich is conducted through its three SFC licensed wholly-owned subsidiaries, namely, CCB International Asset Management Limited (“CCBIAM”),CCB International Securities Limited (“CCBIS”) and CCB International Capital Limited (“CCBIC”) (collectively known as “subsidiaries”) is divided into three main areas, namely Pre-IPO, IPO and Post-IPO which in turn form a comprehensive investment services value chain that offers a full range of products, and services including sponsoring and underwriting, financial advisory, corporate mergers and acquisitions and restructuring, additional issuance and placement of shares and refinancing for listed companies, direct investment, asset management, securities brokerage, market research, investment consultancy, etc.
Euroclear is one of the world’s largest providers of domestic and cross-border settlement and related services for bond, equity, ETF and mutual fund transactions.
Euroclear is a proven, resilient capital market infrastructure committed to delivering risk-mitigation, automation and efficiency at scale for its global client franchise.
The Euroclear group includes Euroclear Bank - which is rated AA+ by Fitch Ratings and AA by Standard & Poor’s - as well as Euroclear Belgium, Euroclear Finland, Euroclear France, Euroclear Nederland, Euroclear Sweden and Euroclear UK & Ireland. The Euroclear group settled the equivalent of EUR 634 trillion in securities transactions in 2014, representing 182 million domestic and cross-border transactions, and held almost EUR 26 trillion in assets for clients.