China Construction Bank (CCB) has agreed to collaborate with Euroclear Bank on the development of renminbi financial products and their distribution across key markets in Europe and other regions.

 

The memorandum of understanding (MOU) commits the banks “to fully cooperate in the development of offshore renminbi financial products, financial infrastructure, and client resources, as well as the provision of high quality services to offshore renminbi market participants,” the banks say in a release.

 

Both parties will endeavour to support CCB's renminbi products multi-listing strategy , a multi-time zone, cross-jurisdiction, 24-hour trading offshore renminbi fund, covering the key markets in Europe, Asia, North America and South America

 

CCB has in recent years been actively expanding its overseas businesses, So far, it has established 22 tier-one overseas entities outside mainland China, covering 20 countries and regions. CCB is also a designated RMB clearing bank in the United Kingdom and Chile. In March 2015, Europe's first RMB RQFII money market ETF was listed on the London Stock Exchange.

Euroclear is the world's largest international central securities depository. Its business covers bonds, equities, derivatives and funds. Its clientele includes 90% of the world's top 50 banks, and over 100 central banks.