November 20, 2015 / 1:20 PM / in 2 years

Bank of China launches first yuan-denominated ETF in Europe

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.

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

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

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