Lately, BOC Chairman Tian Guoli and Atsushi Saito, CEO of Japan Exchange Group (JPX) entered into a Memorandum of Understanding for Business Cooperation in Beijing, under which both sides will carry out extensive business cooperation in the R&D and trading of offshore RMB products, RMB fund clearing, securities custody, settlement membership, and RMB bonds, among others.
JPX came into being through a merger between Tokyo Stock Exchange Group and Osaka Securities Exchange in January 2013. Its subsidiaries now include Tokyo Stock Exchange mainly engaging in the spot business, Osaka Securities Exchange mainly engaging in the financial derivatives business, Japan Securities Clearing Corporation serving as a clearing house, and the self-regulatory legal entity of JPX. As at the end of June 2014, the total market capitalization of Tokyo Stock Exchange amounted to around US$4.7 trillion, making it one of the world's top three stock exchanges by market capitalization.
BOC is the most internationalized and diversified bank in China, with operations spanning a wide variety of sectors including commercial banking, investment banking, direct investment, investment management, insurance, fund and leasing, and overseas presence in 40 countries and regions, committed to providing premium and efficient financial services to clients worldwide. BOC is the only financial institution from emerging market economies that has entered the list of global systematically important financial institutions for three consecutive years, and ranked 7th by capital strength among its peers worldwide. Its key financial indicators have attained world-leading levels.
In recent years, by fully leveraging its prominent advantages in international business and cross-border RMB business, BOC has gradually established business cooperation with a number of world-renowned exchange groups. The strategic cooperation forged this time between BOC and JPX will further promote the RMB internationalization process, facilitate the construction of an offshore RMB market in Tokyo, and provide convenience for Chinese enterprises to float their shares, issue bonds and trade in financial derivatives in Japan.
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