FX settlement services provider CLS Group has announced the signed a memorandum of understanding (MOU) with Chinese think tank National Institution for Financial Development (NIFD), expanding its presence in the country.
The MOU defines close co-operation between the two institutions on research and broadening awareness relating to FX, payments and settlement to support the healthy development of the Chinese economy and renminbi internationalisation. CLS’s Head of Asia Rachael Hoey, and NIFD Chairman Professor Li Yang, signed the MOU on Monday January 23, 2017.
The agreement, in our view, highlights the innovative ways in which FX industry participants should approach the Chinese market, and partnerships with Chinese institutions.
CLS’s Hoey said of the agreement:
China’s financial development would be enhanced by integration with global financial markets and infrastructure to support its important and growing role in the world.
As a financial market infrastructure focused on enhancing risk mitigation and financial stability globally, we welcome the collaboration with NIFD. It provides an opportunity to further the collective understanding of the risks and potential solutions faced by China’s financial markets and participants as integration continues.
Professor Li Yang, NIFD Chairman added:
We always believe that understanding the future of China’s financial development requires a global perspective and the construction of the world financial order cannot be satisfactory without China’s participation. The co-operation between NIFD and CLS is an important step to carry out the ideas in practice, supporting the development of China’s think tanks. We look forward to its positive results for China’s financial reform and development.