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HONG KONG, June 30, 2015 - (ACN Newswire) - China Construction Bank Corporation (CCB) has today launched the first RQFII money market ETF in the Eurozone that is denominated and traded in RMB on Euronext Paris. CCB International Asset Management Limited (CCBIAM), the asset management arm of CCB International (Holdings) Limited (CCB International), a subsidiary of CCB, serves as the Investment Manager of the ETF. CCB Chairman Wang Hongzhang, Interim CEO of Euronext Jos Dijsselhof attended the listing ceremony, Head of Markets and Global Sales and CEO of Euronext London, Lee Hodgkinson, representative from the French Treasury, executives of Commerzbank and Euroclear bank witnessed this moment.
By investing in the fixed-income securities in China via the RQFII quota provided by the investment manager, this first RMB fund jointly launched by CCB and Euronext Paris fulfils the demand of European investors for relatively stable return and liquidity. In the long run, it serves to promote the circulation, utilization and recognition of RMB in European markets.
CCB considers the first RMB denominated money market ETF in Eurozone launched by its subsidiary CCBIAM as a breakthrough, which strives to support the strategy of listing CCB's RMB products in multiple markets, i.e. the implementation of a multi-time zone, cross-market offshore RMB fund, covering major capital markets worldwide.
CCB has signed a MoU with the London Stock Exchange last year. On June 29, Chinese Premier Li Keqiang, witnessed the signing of a MoU betweenCCB and Euroclear, the largest international clearing agent in the world. All of these together with the cooperation with Euronext lay a solid foundation for CCB International to further develop its asset management business in Europe.
"Not only does this mark an important historical milestone in the internationalization process of CCB, it also demonstrates a significant achievement of the internationalization of the renminbi. This heralds an innovative and important step in - Sino-Euro financial cooperation," says market analyst.
Topic: Press release summary
Source: CCB International (Holdings) Limited
Sectors: Daily Finance, Daily News
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From the Asia Corporate News Network
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