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CCB lists RMB-denominated ETF in Paris

China Construction Bank has launched an renminbi-denominated money market exchange traded fund on Euronext Paris.

Euronext said it is the first such RMB product listed on its markets.

CCB International Asset Management, the asset management arm of CCB, is the investment manager of the ETF.

The Commerzbank CCBI RQFII Money Market UCITS ETF offers investors exposure to the interbank bond market in China and will be available for trading in both renminbi and euros.

“Developing offshore renminbi business in Europe is one of the key elements in CCB’s internationalisation strategy,” said Wang Hongzhang, chairman of CCB.

“Not only does this allow us to gain further access to the European capital markets, internationalise our operations, and provide our clients with additional channels to invest in Euronext Paris, it will also encourage an extensive use of renminbi products by French enterprises, financial institutions and investors, and ultimately drive the internationalisation of the renminbi,” Hongzhang added.

Euronext has also inked an agreement with CCB to develop a strategy to enhance the bank’s access to European capital markets.

“Renminbi is increasingly used in cross-border transactions. This is an exciting step for Euronext as we continue to develop our offer in renminbi-denominated products and welcome Chinese investors to our market,” said Jos Dijsselhof, interim chief executive of Euronext.

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