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First renminbi bond lists in regulated market of Frankfurt Stock Exchange

Tue, 13/05/2014 - 15:53

The first bond denominated in Chinese renminbi has listed in the regulated market of the Frankfurt Stock Exchange.

The issuer of the two-year term bond with a volume of EUR120 million is Kreditanstalt für Wiederaufbau (KfW).

Deutsche Börse announced a deepening of its partnership with Bank of China at the end of March this year. The Bank of China is to become a trade and clearing participant at Deutsche Börse. A further part of this agreement is that with the expansion of Frankfurt as the European offshore centre for the renminbi, the two companies will develop the financial infrastructure necessary for further cooperation between China and Germany, and the internationalisation of the renminbi.
The efforts of the two companies are supported by the plan of the Deutsche Bundesbank and the People's Bank of China (PBoC), which also signed a declaration of intent in Berlin at the end of March regarding clearing and settlement in the renminbi. The two central banks agreed to intensify their collaboration in the settlement of renminbi payments. A general framework was also agreed for creating a clearing bank in the financial centre Frankfurt.

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