CCB and OMFIF sign strategic partnership

Associations, Banking, Finance — By on April 27, 2016 at 12:29 PM
Chian Construction Bank and OMFIF representatives after the signing ceremony at CCB's London offices

Chian Construction Bank and OMFIF representatives after the signing ceremony at CCB’s London offices

China Construction Bank, the world’s second largest bank ranked by assets, and OMFIF signed a strategic agreement in London focused on joint work on the internationalisation of the renminbi and the currency’s use on capital markets. The agreement stipulates that CCB and OMFIF will organise joint activities, including OMFIF’s Renminbi Liaison Network (RLN).

The purpose of the RLN is to provide an informal and confidential information hub to enable global public investors to build up knowledge and improve practices in dealing with the renminbi as an investment and transaction currency. The RLN’s work includes collating information on trading and investment practices and regulations, including developments in China’s capital account liberalisation; exchanging views on renminbi use in cross-border trade, investment and capital market transactions; and discussing procedures for clearing and settlement.

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