FRANKFURT - A Sino-German joint venture named China Europe International Exchange (CEINEX) was launched on Wednesday, kicking off the trading of renminbi-denominated exchange traded funds (ETFs).
The executive board members of CEINEX, Chen Han and Wu Jianhong, rang the bell at the trading floor of the Frankfurt Stock Exchange and opened the new market place for renminbi-denominated ETFs and bonds.
CEINEX offers ETFs based on Chinese mainland's underlying assets and a broad range of renminbi-denominated bonds. Two new renminbi-denominated ETFs became available, namely the SSE 50 ETF and the Money Market ETF, issued by Commerzbank in partnership with Bank of China International and China Construction Bank International.
The SSE 50 ETF is the first ETF in Europe tracking the SSE 50 A-Share-Index while the Money Market ETF is the only renminbi money market ETF, investing in onshore Chinese assets, available in Europe, according to a statement by CEINEX.
Another new corporate renminbi bond issued by Bank of China Abu Dhabi is also being offered.
The launch ceremony was attended by Chinese ambassador to Germany Shi Mingde, President of Shanghai Stock Exchange Huang Hongyuan, CEO of Deutsche Boerse AG Carsten Kengeter and other guests.
"The launch of CEINEX is an important step forward for the internationalization of renminbi and a major breakthrough of the cooperation between China and Germany. The trading platform can bolster the real economy significantly," Ambassador Shi said.
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