On March 19, Bank of China entered into a strategic cooperation agreement in Beijing with Shanghai International Energy Exchange, and thus became the first commercial bank that has signed such an agreement with the exchange.
The signing of this strategic cooperation agreement marked new historical progress made in the cooperation between BOC and INE. By joining hands with the exchange, BOC will proactively align itself with the strategies of the central government and serve the real economy. On the existing cooperation basis in respect of margin services, global clearing, and customer expansion, BOC, by fully leveraging its advantage of diversified and internationalized operations, will support INE to expand presence in global markets and boost its trading scale. Specifically, by applying its rich experience in commodity financing and its role as a major cross-border RMB channel, BOC will help the exchange to promote RMB pricing of commodities, develop RMB financing and trading products for commodities, and play an increasingly important role in supporting all-round development of RMB internationalization, expanding its global influence, and boosting China's pricing power and say in commodities.
Shanghai International Energy Exchange is a wholly-owned subsidiary of the Shanghai Futures Exchange. As the first futures exchange established in China (Shanghai) Pilot Free Trade Zone, Shanghai International Energy Exchange will actively promote the listing and trading of crude oil futures, fully introduce overseas investors to participate in domestic futures trading by utilizing the policy climate of the FTZ, and facilitate RMB-denominated pricing of commodities.
As the only financial enterprise with a century of sustained operations in China, BOC is the most internationalized and diversified Chinese bank. As the first Chinese-funded bank that has established a commodity financing center overseas, BOC, by leveraging its financial resources in Shanghai, Singapore, London and New York, will firmly support Chinese commodity enterprises to access international commodity markets, and continuously enhance its integrated and comprehensive financial service capacities worldwide.
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