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Clearstream RMB Services Clearstream – Your Gateway To Clearstream RMB Services Service information Clearstream – your gateway to Chinese securities Key benefits A long-awaited convergence of internal reform in China and international recognition of the importance of the RMB is – Coverage – access to a wide range currently taking place. This means that international investors of RMB-denominated assets and products based on Chinese are presented with a reason to reexamine how they might underlyings, both onshore and harness RMB assets, as well as new opportunities for doing offshore so. At Clearstream we’re working to develop solutions that help our customers leverage these trends. – Reach – possibility for customers to make use of services covering European and East Asian local operating hours – Integration – services that work together so that customers can make the most of their RMB business RMB liquidity across borders Since then, Clearstream has been Offshore RMB is a full settlement supporting increasing bond issuance currency in Clearstream. Clearstream of offshore bonds both on the has continuously expanded its Cash international market and in Germany Correspondent Bank (CCB) network and Luxembourg. Recently, for offshore RMB, which now covers Clearstream has also been chosen 5 different locations in Asia and to support the first offshore RMB Europe. This means customers can issuance from China’s Ministry benefit from access to liquidity to of Finance. support their issuance, settlement and collateral management activities in Onshore access both Asian and European time zones. Clearstream customers have been able to benefit from access to onshore Longstanding experience with RMB fixed income products via our RMB bonds China Bond Link since October 2016. Clearstream has been helping its Clearstream is continuing to further customers issue offshore RMB- develop and enhance this unique ICSD denominated bonds for over a decade. link and related services – to provide In 2012, Clearstream was the first eligible international investors with ICSD to facilitate the issue of an the best possible access path to the offshore Renminbi bond on the domestic Chinese Interbank Bond international market. Market and these sought-after assets. Connect to Chinese equities Clearstream customers can benefit Stock Connect coverage a requirement to pre-deliver securities. from custody and settlement services We are currently the only ICSD to offer We also support the extension for A-shares, B-shares and H-shares. settlement and custody services of of the scheme by A-shares listed Customers can access H-shares via China A-shares listed at Shanghai at Shenzhen Stock Exchange, having our indirect link with Citibank N.A. Stock Exchange via the Stock Connect gone live with our related services (Hong Kong Branch) and China scheme. Last year, we enhanced this at its launch in December 2016. B-shares via our link to HSBC service to offer our customers the Shanghai. possibility to segregate their positions Chinese equity types explained via Special Segregated Account Confused by the difference between Model (SPSA) accounts. This allows A- B- and H-shares? Here are generic customers to conduct DVP/RVP definitions of these three primary settlement via this linkage without categories of Chinese equities: Name Currency Market Definition A-share RMB Onshore Shares in local Chinese companies that have been issued in China are denominated in RMB. These shares are and listed on either the Shanghai or the Shenzhen Stock Exchange. B-share USD or Onshore Shares in Chinese companies that have been issued in China with a face value HKD in RMB, but that are listed for trading in USD on the Shanghai Stock Exchange, or HKD on the Shenzhen Stock Exchange. H-share HKD Offshore H-shares are equities of companies incorporated in China that are traded on the Hong Kong Exchange. Collateral management CEINEX – a unique for offshore RMB integrated offering Through the Global Liquidity Hub, In November 2015 our parent Clearstream’s services dovetail Clearstream customers can also company Deutsche Börse unveiled with CEINEX, allowing customers to benefit from triparty repo services China Europe International Exchange benefit from a full suite of issuance, for the offshore Renminbi market (CEINEX) - a Joint Venture Deutsche settlement, safekeeping and asset in Hong Kong. Based on bilateral Börse has founded together with the services for the venue through their repo agreements between the Hong Shanghai Stock Exchange (SSE) and existing channels, with no connectivity Kong based cash provider in offshore China Financial Futures Exchange. or account changes. Renminbi and the international cash CEINEX is the first dedicated platform taker, Clearstream acts as the central for authorised trading of RMB collateral manager for the HKMA in denominated securities outside managing the collateral. The Global of mainland China, and as such Liquidity Hub also provides customers it is a further step in the opening up with securities lending and borrowing of the Chinese stock market for services for offshore RMB bonds. foreign investors. Contact information If you would like more information Frankfurt +49-(0)69-211-12104 on any of the topics in this service London +44-(0)20-7862-7110 information, please contact your Luxemburg +352-243-32795 relationship manager. Hong Kong +852-2530-7404 Singapore +65-6597-1611 www.clearstream.com 7169/04.17.
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