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| Another Breakthrough for CCB's RMB Business in Europe since Designated a UK RMB Clearing Bank in June 2014 |
HONG KONG, Mar 25, 2015 - (ACN Newswire) - In mid-August 2014, China Construction Bank Corporation (CCB) and London Stock Exchange Group (LSEG) entered into a strategic collaboration agreement, including product innovation. On March 25, 2015 (London time), the first RMB RQFII money market UCITS ETF established in the UK, the 'Commerzbank CCBI RQFII Money Market UCITS ETF', was officially listed today on the LSE. CCB International Management Limited (CCBIAM), the asset management arm of CCB International (Holdings) Limited (CCBI), a subsidiary of CCB, is Investment Manager of the 'Commerzbank CCBI RQFII Money Market UCITS ETF'.
According to the "London RMB businesses volumes January-June 2014, City of London RMB series Policy Practitioner Paper" issued by the City of London Corporation, through the first half of 2014, London's RMB deposits hit a record high and reached a total amount of RMB 25.4 billion, representing a 74% increase as compared to the end of 2013. Corporate accounts RMB deposits increased significantly to RMB 16.7 billion, representing a 454% increase as compared to the end of 2013. The 'Commerzbank CCBI RQFII Money Market UCITS ETF' is a useful instrument for corporate cash management, enriching the spectrum of money market funds in London. This further enhances the diversification of choices and instruments for local institutions to effectively and conveniently manage and invest their RMB funds.
In the long run, it is believed that the listing of the 'Commerzbank CCBI RQFII Money Market UCITS ETF' on the LSE will boost the status and recognition of RMB in the European markets and create an integrated and sustainable environment for RMB business development. CCB also takes this opportunity to further strengthen the leading position of its RMB business in London. The 'Commerzbank CCBI RQFII Money Market UCITS ETF' is also expected to benefit from CCB's RMB business in Europe. HM Treasury, the UK Trade and Investment and the Financial Conduct Authority, together with LSEG, all welcome the launch of the 'Commerzbank CCBI RQFII Money Market UCITS ETF'.
In recent years, CCB has taken a proactive approach in introducing innovative cross-border RMB products, while leveraging on the strengths of its traditional businesses. The expansion of its overseas business marks an important breakthrough and a monumental step towards the transformation of its operations. CCB has established branches in 18 countries or regions, including Singapore and Germany.
Furthermore, China Construction Bank (London) Limited ("CCB London") was designated as the first RMB clearing bank in the UK in 2014 and the first PRC-based financial institution in Europe to be granted a RQFII licence by the China Securities Regulatory Commission. With the launch of the 'Commerzbank CCBI RQFII Money Market UCITS ETF', the internationalization of CCB reaches another milestone.
CCB was again awarded "The Best Chinese Bank 2015" by the Global Finance Magazine. CCB continues to leverage its London International Financial Centre status, and continues to utilize its edge and resources, to proactively and fully participate in the RMB market in Europe. CCB continues to strive for product innovation and business expansion hand in hand with China's economic transformation and the overseas development of RMB, with a view to enabling international investors to benefit from China's economic growth.
For further information, please contact:
CCB International (Holdings) Limited
Ms Louisa Pi
Tel: +852 3911 8701
Fax: +852 2530 1496
E-mail: louisapi@ccbintl.com; pr@ccbintl.com
Mr Bain Li
Tel: +852 3911 8702
Fax: +852 2530 1496
E-mail: lizy@ccbintl.com; pr@ccbintl.com
Topic: Press release summary
Source: CCB International (Holdings) Limited
Sectors: Daily Finance, Exchanges
https://www.acnnewswire.com
From the Asia Corporate News Network
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