China Foreign Exchange Trade System (CFETS), the interbank trading division of China's central bank, announced last Friday that it had signed a cooperation agreement with U.S. futures exchange operator CME Group Inc. to jointly promote each other's market infrastructure and products.
Under the agreement, CME will facilitate its member customers to trade products in China's interbank market, while CFETS will facilitate its interbank market participants to trade products at CME. Meanwhile, both parities will participate in the joint development of offshore products of Chinese currency yuan. The agreement was a follow-up to a memorandum of understanding the two reached in early August.
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