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London - June 17, 2014, During Premier Minister Li Keqiang's visit to Britain, Bank of China (BOC) Chairman Mr. Tian Guoli and London Stock Exchange Group Chairman Mr. Chris Gibson-Smith signed a Memorandum of Understanding for future strategic cooperation. Strategic cooperation between the two institutions will further promote the process of RMB internationalisation, help to establish London as a key offshore Renminbi centre, and make it easier for Chinese enterprises listing, issuing and trading bonds and derivatives in the UK and European markets.
London Stock Exchange Group (LSEG) is one of the world's leading exchange groups with its holdings in the London Stock Exchange (LSE) and Borsa Italia promoting a range of services including; listed issuance, securities and derivatives trading and settlement, securities custody and clearing services, collateral management services, index calculation and authorisation, financial market data products and IT platform development. The LSE is the world's most internationalised stock market by the proportion of international stocks traded.
As the most internationalised and diversified multinational financial group in China, BOC set up its first overseas office in London as early as 1929. BOC now operates in Hong Kong, Macau, Taiwan and 37 other countries and acts as the RMB clearing bank in key jurisdictions including Hong Kong, Macau, Taiwan, Malaysia, Luxembourg, Cambodia and the Philippines. Cross-border RMB settlement exceeded 10,000 billion yuan from July 2009 to April 2014. The Group’s total RMB clearing volume was close to 80,000 billion yuan in 2013. BOC has become a main RMB clearing channel globally.
In recent years, BOC, leveraging its advantages of internationalisation and diversification, has established a comprehensive network of global business partnerships with many well-known multinational organisations. This strategic cooperation agreement between BOC and LSEG has very positive implications for Sino-British economic and trade exchange and for business cooperation.
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