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Deutsche Börse to help Chinese clearing house
23 February 2010
Deutsche Börse has signed a cooperation agreement with the People’s Bank of China to help set up a new interbank clearing house for over-the-counter derivatives.
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The clearing house has been set up by four Chinese central
bank entities – the China Foreign Exchange Trading System, China Government
Securities Depository Trust & Clearing Co, China Banknote Printing and
Minting Co and China Gold Coin Co, the nationwide bullion wholesaler – to
assist the People’s Bank as it aims to centralise clearing and settlement
services and restore international trust to its OTC derivatives market.
The four backers have put in Rmb300m ($44m) of capital.