New bourse to trade yuan products
Print Edition
SHANGHAI Stock Exchange, China Financial Futures Exchange and Deutsche Boerse have agreed to form a joint-venture exchange in Frankfurt to trade financial products in yuan as China continues to boost the currency’s use globally.
The China Europe International Exchange, to be incorporated in Germany’s financial city, will offer offshore yuan-denominated equities and financial derivatives, according to statements released by the bourses yesterday.
“In the context of China’s capital market liberalisation, the offshore trading platform set up by the three exchanges will further promote the two-way opening up of China’s capital market, enrich products in the offshore yuan market and accelerate the pace of yuan internationalization,” said Gui Minjie, chairman of the Shanghai Stock Exchange.
The agreement said the Shanghai Stock Exchange and Deutsche Boerse will each own 40 percent of the joint venture, with China Financial Futures Exchange, the country’s only financial derivatives exchange, taking the remaining 20 percent, the statements said.
The proposed exchange will start operation in the fourth quarter of this year.
The joint venture marks the latest initiative to boost the use of the yuan in international markets. China has previously launched the Shanghai-Hong Kong Stock Connect and expanded the Renminbi Qualified Foreign Institutional Investor program to more countries.
Data showed yuan-denominated deposits in offshore markets totaled 2.78 trillion yuan by the end of 2014, up 34 percent from a year earlier.
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