Germany-China ties unveil new venture
As German Chancellor Angela Merkel is keen on deepening relations with China, the country's largest exchange announced a new venture aimed at bolstering financial connections between the two countries. Deutsche Boerse AG and China Foreign Exchange Trade System, under the new venture, will host interbank products, as well as renminbi-denominated currency and interest rate trading. The largest economy in Europe is obtaining its latest turn at establishing its ties with the second biggest economy worldwide a week following Chinese President Xi Jinping stayed at Buckingham Palace. Deutsche Borse Chief Executive Carsten Kengeter said the new project will fuel continued growth of the country's markets and economies, and strengthen the significance of Europe as an RMB offshore hub as well. To be called China Europe International Exchange, it is scheduled to begin trading on November 18, with China Financial Futures Exchange and Shanghai Stock Exchange as the other two partners.
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