HKEx, LME And LME Clear Sign MOU With CCB
The signing ceremony was held in London in the presence of CCB Chairman and Executive Director Wang Hongzhang, HKEx Chief Executive Charles Li, LME Chairman Sir Brian Bender and LME Clear Chief Executive Trevor Spanner. Other senior representatives from LME, LME Clear and CCB also attended the ceremony.
“This agreement marks the beginning of our collaboration with CCB in the exploration of new products and services suitable for Mainland China, Hong Kong and other markets,” said Mr Li. “The MOU is another demonstration of our determination to expand the LME’s business in Asia.”
“This MOU is an important step for the LME and CCB as we seek to combine our strengths to develop new products and services to complement our existing businesses,” said Sir Brian.
“The collaboration shows our commitment to expanding the user base of the LME and LME Clear by exploring RMB related opportunities,” added Mr Spanner.
“China, as both the major global producer and consumer of base metals, now plays a critical role in the pricing of base metals internationally. As one of China’s most influential multinational finance companies, CCB aims to strengthen its cooperation with HKEx, LME and LME Clear, leveraging on our complementary strengths to establish a financial fast track channel for China’s broad swathe of mining, smelting and metal processing companies to access international commodities trading markets,” said Mr Wang.
“The signing of this strategic MOU builds on CCB’s recent designation as the official Renminbi (RMB) clearing bank for the UK. All parties to this MOU view it as a great opportunity to enhance R&D and marketing activities promoting the expanded use of the RMB for base metal trading, which in turn will boost the ongoing internationalisation of the RMB,” added Mr Wang.