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BOC Inks Strategic Cooperation Agreement with Deutsche Boerse Group to Tap Offshore RMB Markets


2014-03-30

On March 28 (local time in Berlin, Germany), BOC Chairman Tian Guoli and the CEO of Deutsche Boerse Group entered into a comprehensive strategic cooperation agreement, under which both sides will carry out all-round cooperation in full clearing membership, custody business, offshore RMB clearing & settlement, R&D and promotion of RMB-denominated products, among others.

Such bilateral strategic cooperation will further facilitate the development of RMB internationalization and the development of the offshore RMB center in Frankfurt, as well as offer convenience to Chinese enterprises in broadening investment and financing channels in Europe and conducting commodity trade.

Germany is the EU member with the largest investment in China. As of the end of 2013, the trade volume between the two countries already exceeded US$160 billion, accounting for one third of the total between China and Europe. Around 2,000 Chinese enterprises have invested in Germany, while 7,000 German companies have built business operations in China. By leveraging the cooperation with Deutsche Boerse Group, BOC will fully exert its advantage in global services and support Chinese enterprises to develop business in Germany.

As a world-leading exchange agency, Deutsche Boerse Group currently owns the spot trading market, futures exchange, clearing companies, domestic and international securities settlement and custody institutions, index and IT firms, etc. Its business scope covers the whole business chain of securities issuance and listing, trading and clearing of securities and derivatives, securities settlement and custody services, collateral management business, index calculation and authorization, development and services of financial market data products and IT platforms, etc.

As the most internationalized and diversified Chinese bank, BOC has a global RMB clearing network and payment system, and its business covers a wide range of sectors including commercial banking, investment banking, direct investment, investment management, insurance, funds and leasing. BOC has established overseas branches in 37 countries as well as in Hong Kong, Macau and Taiwan regions. It is an RMB clearing bank in Hong Kong, Macau, Taiwan, Malaysia, Luxembourg, Cambodia and the Philippines, among others. BOC has become the major channel for RMB clearing in the UK, Germany, France, Japan, South Korea, Indonesia, South Africa, etc. During 2013, BOC completed cross-border RMB settlements amounting to RMB3.98 trillion, with a 60% increase year-on-year.

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