Moscow Exchange (MOEX) has announced that it has signed a Memorandum of Understanding with China International Capital Corporation (CICC), one of the largest investment banks in China. The agreement happened last Friday and aims to strengthen cooperation between Russia and China to promote investment and develop the offshore Chinese yuan market in Russia.
The MoU was signed by Igor Marich, Managing Director of the Money and Derivatives Markets at Moscow Exchange, and Yicheng Xu, Secretary to the board, Head of strategic development of CICC.
Under the agreement, MOEX and CICC will evaluate options for developing the market for CNY-denominated instruments on MOEX and introducing cross listing of ETFs and other financial instruments on MOEX and Chinese trading venues.
China International Capital Corporation Limited (CICC) is China’s first joint-venture investment bank and a pioneer in international best practices in China. Since CICC’s inception in 1995, our commitment has been to provide high quality, value-added financial services to our clients. It has established full-service business model offering investment banking, equities, FICC, wealth management services, and investment management – all based on its solid research coverage. Headquartered in Beijing with subsidiaries throughout mainland China, CICC is also active overseas with branches in Hong Kong, New York, Singapore, London, San Francisco and, most recently Frankfurt.