Chinese, German exchanges launch off-shore RMB trading center

The Shanghai Stock Exchange, German Borse Group and the China Financial Futures Exchange have partnered to launch a center for the trading and pricing of off-shore yuan-denominated assets, promoting use of the Chinese currency in the European financial market.

"The China Europe International Exchange can accommodate foreign investors' needs in RMB-denominated assets, helping the opening of the Chinese capital market and the internationalization of the yuan," said Gui Minjie, chairman of the Shanghai Stock Exchange, on Thursday.

The Shanghai Stock Exchange and German Borse Group each holds 40 percent of the joint venture's shares while the China Financial Futures Exchange holds the rest.

The Frankfurt-based exchange will start trading on Nov. 18.