Yuan-based trade starts in Frankfurt
Print Edition
TRADING in yuan-denominated securities started on the Frankfurt stock exchange yesterday, hailed as the first such market outside China.
The platform, first announced during Chancellor Angela Merkel’s visit to China last month, is to allow investors in Europe to trade securities denominated in the yuan.
It is the first yuan market authorized outside China, according to Han Chen, the platform’s joint CEO.
“The first trades have already taken place in the early hours of market operations,” exchange operator Deutsche Boerse said after the China Europe International Exchange, or CEINEX, opened at 9am local time.
The platform is a venture between Deutsche Boerse, the Shanghai Stock Exchange and the China Financial Futures Exchange.
For now, it offers trading in index-linked funds and “a wide range” of yuan-denominated futures, but more types of securities are to be made available, the joint CEO said.
After failing to merge with NYSE Euronext in 2012, Deutsche Boerse’s strategy has been to cooperate with Asia.
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