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Clearstream Connecting To Clearstream – China – your gateway to China a global market Clearstream’s vision is to Our well-established China’s equity market is the There has been a flurry leverage its capacity and partnerships with the Clearstream second largest in the world, of progress in liberalisation infrastructure, drawing global banks, domestic with a market capitalisation reforms over the last twelve on its global linkages, infrastructures and of over USD 7.3 trillion by months. We have witnessed partners and client base, local agents will boost Connecting to end 2016. a gradual simplification and to bring together both offshore Renminbi cash easing of controls on use supply and demand on management capabilities China’s fixed income market of the RMB internationally a global level. by ensuring there are RMB is also gargantuan – the for some time now, with sufficient cash reserves third biggest in the world, full capital convertibility In doing so, we can available to participants with around USD 9.2 trillion expected by the 2020s. facilitate greater liquidity both during the Asian outstanding by end 2016. in the amount of available business day and extending Turning to the international Renminbi, both onshore into European trading Coupled with the size environment, there is and offshore. hours. of the market, we are growing recognition of the currently witnessing a importance of the Chinese By leveraging our Our customers value our rare convergence of both capital markets and the international infrastructure, approach. This can be internal reform of Chinese RMB as a global currency. we have the ability to act seen in the rapid increase capital markets and as a reciprocal gateway of RMB assets we hold international recognition of between Chinese and under custody for our the importance of the RMB. non-Chinese investors and clients, which witnessed a issuers. tenfold increase between 2011 and 2016, and also in At the same time we settlement volumes, where continue to develop our there has been an annual Trends towards network of global partners compound growth rate in in order to maximise 2016 of circa 130%. RMB liberalisation liquidity. Domestic initiatives International recognition – QFII/RQFII quota – Rapid increase in usage increases and of RMB via SWIFT liberalisation – Inclusion in IMF Special – Shanghai-Hong Kong Drawing Rights (SDR) Stock Connect, and reserve currency basket Shenzhen-Hong Kong as of October 2016 Stock Connect in 2016 – Both China A-Shares and – Chinese Interbank Bond bonds are in consideration Clearstream Banking Market liberalisation for inclusion in global 42, Avenue JF Kennedy – Expansion of domestic indices, such as MSCI, L -1855 Luxembourg Free Trade Zones in FTSE Global and Phone +352-243-0 specific geographies JPMorgan www.clearstream.com 7189/ 09.17 in China Empowering RMB Streamlining your Moving Onshore Specialised value-added globally Stock Connect access services Clearstream is keen to first dedicated trading venue Clearstream launched its confine other schemes make sure that you can for China- and RMB-related China Bond Link on harnessing domestic fully leverage your offshore investment products in 17 October 2016 to coincide Chinese assets such as RMB business around the international markets. with the inclusion of the QFII or RQFII. world. RMB in the IMF’s Special Clearstream’s services Drawing Rights (SDR) Clearstream will work with RMB liquidity dovetail with CEINEX, reserve currency basket. customers to facilitate the allowing customers to setup of the operational and around the clock benefit from a full suite of legal structures necessary Offshore RMB is a full issuance, settlement, A unique ICSD to access, settle and hold settlement currency at safekeeping and asset access path to the onshore assets, and will Clearstream, which allows services for the venue support daily processing customers to benefit from through their existing domestic Chinese with our standard suite of issuance and settlement channels, with no Stock Connect is a Clearstream is interbank bond ICSD value-added services, Collateral Mutual recognition services in RMB. connectivity or account securities trading and market. including corporate actions management for of funds changes. clearing link programme by currently the processing and reporting. Clearstream’s Cash Hong Kong Exchanges and only ICSD to offer RMB assets A linkage between the Correspondent Bank Access China’s Free Clearing Limited (HKEx), settlement and Clearstream’s China Bond In Luxembourg, the CSSF HKMA’s Central Money (CCB) network for offshore Shanghai Stock Exchange Link provides eligible has granted UCITS Fund Through Clearstream’s markets Unit (CMU) and RMB now covers five Trade Zone market (SSE) and China Securities custody services of international investors with Managers permission to Global Liquidity Hub, Vestima facilitates the different locations in Asia The opening of the Shanghai Depository and Clearing China A-shares via individual quota-free access treat the Chinese interbank customers can also benefit processing of cross- and Europe. This means Free Trade Zone creates Corporation Limited to the onshore Chinese bond market as a regulated from triparty repo services border investment fund customers can benefit from another major “offshore” (ChinaClear) allowing the Stock Connect interbank bond market, market. Combined with our for the offshore Renminbi transactions under the access to liquidity to support RMB market, uniquely mutual market access scheme. leveraging simplifications Stock Connect offering, market in Hong Kong. Mutual Recognition for their issuance, settlement located within China’s between Mainland China recently brought in by which provides easy access Funds (MRF) programme. and collateral management borders. As such, it marks and Hong Kong. In trading volume via the Stock Chinese regulators. to Chinese equities, clients Based on bilateral repo Clearstream customers activities in both Asian and a further step in the December 2016 the Connect allows the Chinese can therefore now use our agreements between are now able to directly European time zones. liberalisation of the Chinese scheme was extended to government to open up the Our offer is presented China Bond Link to invest in the Hong Kong-based send orders for mainland financial sector. provide a linkage between market in a step-by-step without the limitations RMB fixed income securities cash provider in offshore Chinese funds under the Trade and settle HKEx and the Shenzhen manner. and quota restrictions that dealt on the CIBM. Renminbi and the MRF scheme. In 2016, Clearstream Stock Exchange (SZSE) – international cash taker, RMB-related signed a Memorandum of Clearstream’s link to this Clearstream’s enhanced Clearstream acts as the The new linkage between instruments Understanding with the extended setup went live service offers customers central collateral manager Vestima and CMU enables internationally Shanghai Clearing House immediately. the possibility to segregate for the HKMA in managing foreign investors also to (SCH) to explore cooperation their positions via the the collateral. invest in MRF-eligible Founded in 2015 as a joint on interest rate derivatives, Stock Connect is one of the Special Segregated Account China-domiciled funds. venture between our parent foreign exchange CCP main avenues for accessing (SPSA) model. This allows The Global Liquidity Hub The link will enable China- company, Deutsche Börse services and bond custody. China A-Shares, allowing customers to conduct also provides customers based asset managers to Group, the Shanghai Stock Chinese firms to raise DVP/RVP settlement via with securities lending reach global investors while Exchange (SSE) and money from a broader pool this linkage without a and borrowing services for the relevant transaction China Financial Futures of international investors. requirement to pre-deliver offshore RMB bonds. orders will be processed in Exchange, CEINEX is the At the same time, the quota securities. a streamlined, automated restricting the maximum and efficient manner. .
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