Bank of China (BoC) and the China Europe International Exchange (CEINEX) today announced that they have signed a memorandum of understanding. The signing ceremony was part of the Chinese-German government consultation taking place from 29-30 October.
Bank of China is the most internationalized and diversified Chinese bank, headquartered in Beijing with comprehensive products and powerful customer networks worldwide. CEINEX is the first international and regulated marketplace for trading RMB-denominated investment products outside mainland China. The company is a joint venture by Shanghai Stock Exchange, Deutsche Börse and China Financial Futures Exchange and is based in Frankfurt, Germany. The new marketplace will commence operations on 18 November 2015.
According to the memorandum of understanding, the two parties will explore cooperation potential across the whole value chain in their respective geographies. As a first step, BoC and CEINEX intend to jointly design the RMB payment and settlement process for newly listed products on CEINEX using Bank of China’s infrastructure. BoC will also facilitate access to CEINEX’s products for customers from China and other Asian markets. Further, the two partners plan to enter into joint product development, investor education and marketing activities both in China and Europe.