November 20, 2015 / 1:20 PM / 3 years ago

Bank of China launches first yuan-denominated ETF in Europe

Pedestrians walk past a branch of Bank of China in Beijing, June 25, 2015. REUTERS/Jason Lee

LONDON (Reuters) - Europe’s first exchange-traded fund (ETF) denominated in yuan and based on the domestic Chinese share market launched on Friday, Bank of China’s international division said in a statement.

The ETF is sponsored by BOC International and started trading on Friday on the China Europe International Exchange, a Frankfurt-based joint venture between Deutsche Boerse and two Chinese exchanges, BOCI said in the statement.

“It boosts the opening up of China’s capital market and renminbi (yuan) internationalization, opening a new chapter in our overseas business development,” Li Tong, chief executive officer of BOCI, said.

Beijing is trying to improve international perceptions of its financial openness in the run-up to a meeting of the International Monetary Fund to decide whether to include the yuan in its basket of reserve currencies, which would provide a boost to the currency’s global status.

Reporting by Carolyn Cohn; editing by Jason Neely

0 : 0
  • narrow-browser-and-phone
  • medium-browser-and-portrait-tablet
  • landscape-tablet
  • medium-wide-browser
  • wide-browser-and-larger
  • medium-browser-and-landscape-tablet
  • medium-wide-browser-and-larger
  • above-phone
  • portrait-tablet-and-above
  • above-portrait-tablet
  • landscape-tablet-and-above
  • landscape-tablet-and-medium-wide-browser
  • portrait-tablet-and-below
  • landscape-tablet-and-below