China Construction Bank (CCB) has entered into a memorandum of understanding (MoU) with Euroclear Bank to cooperate in the development of offshore RMB financial products, financial infrastructure, and client resources.
Under the deal, both the companies will endeavor to support CCB’s RMB products multi-listing strategy , a multi-time zone, cross-jurisdiction, 24-hour trading offshore RMB fund, covering the key markets in Europe, Asia, North America and South America.
Go deeper with GlobalData
In recent years, CCB has been actively expanding its overseas businesses. Till now, it has formed 22 tier-one overseas entities outside mainland China, covering 20 countries and regions. It also a designated RMB clearing bank in the UK and Chile.
Euroclear is considered to be one the world’s largest international central securities depository. Its business covers bonds, equities, derivatives and funds.
CCB said it intends to leverage Euroclear’s multi-time zone settlement and asset servicing network to develop market infrastructure in Europe and other offshore RMB markets around the globe.
