The China Financial Futures Exchange (CFFEX) recently signed a memorandum of understanding (MOU) with the Moscow Exchange in Shanghai to deepen their partnerships and promote their common development.
The MOU mainly covers fields of information sharing, high-level dialogue, personnel exchanges and business cooperation. The CFFEX is increasing efforts to build and standardize China's financial futures market according to requirements of the State Council, China's cabinet. To this end, the exchange has to fully use foreign peers' experience for a reference, strengthen exchanges and cooperation, and promote its internationalization development strategy, said Zhang Shenfeng, chairman of the CFFEX.
China now becomes the biggest trade partner of Russia. With their own currencies used for settlement in more and more bilateral trade activities, foreign exchange transactions between Russian Ruble and RMB have also increased accordingly. Last year, the Ruble-RMB transactions jumped more than 700 percent year on year. To meet customers' demands, the Moscow Exchange launched the RMB-Ruble futures on March 17 this year, playing an important role in the exchange's foreign exchange derivative platform in just a few months. The signing of the MOU will lay a good foundation for the two sides' cooperation in the future, said Alexander Afanasiev, CEO of Moscow Exchange.
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