Euronext lists renminbi ETF in currency push

Renminbi2Euronext has gained its first renminbi-based, money market exchange-traded fund (ETF) as the stock exchange provider moves to establish its Paris market as a centre for transacting the Chinese currency. The ETF – called the Commerzbank CCBI RQFII Money Market Ucits ETF – is managed by China’s CCB International Asset Management and was launched in March this year and first listed in London. Euronext – which operates exchanges in several countries in Europe – has signed a memorandum of understanding (MoU) with the Chinese commercial bank that owns the ETF manager, CCB International, to develop a strategy for the bank as it accesses Europe. Areas under discussion in the MoU include the possibility of CCBI becoming a trading member of Euronext markets; easing access to Euronext products within CCB; and renminbi payment and settlement structures. Euronext says it is expected that the cooperation between the two companies will further push forward renminbi internationalisation, and will enable Paris to become an offshore renminbi business centre. The MOU will also pave the way for Chinese enterprises to come to Europe for finance, investment and commodities trading, Euronext says. ©2015 funds europe

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