Deutsche Börse has signed a cooperation agreement with the People’s Bank of China, the Chinese central bank, to assist in setting up a new interbank clearing house for Chinese over-the-counter derivatives.
The clearing house has been set up by four Chinese central bank entities – the China Foreign Exchange Trading System (CFETS), China Government Securities Depository Trust & Clearing Co (CDC), China Banknote Printing and Minting Co (CBPMC) and China Gold Coin Co, the nationwide bullion wholesaler – to assist the PBOC as it aims to centralise clearing and settlement services and restore international trust to its OTC derivatives...