AGL 40.00 No Change ▼ 0.00 (0%)
AIRLINK 127.04 No Change ▼ 0.00 (0%)
BOP 6.67 No Change ▼ 0.00 (0%)
CNERGY 4.51 No Change ▼ 0.00 (0%)
DCL 8.55 No Change ▼ 0.00 (0%)
DFML 41.44 No Change ▼ 0.00 (0%)
DGKC 86.85 No Change ▼ 0.00 (0%)
FCCL 32.28 No Change ▼ 0.00 (0%)
FFBL 64.80 No Change ▼ 0.00 (0%)
FFL 10.25 No Change ▼ 0.00 (0%)
HUBC 109.57 No Change ▼ 0.00 (0%)
HUMNL 14.68 No Change ▼ 0.00 (0%)
KEL 5.05 No Change ▼ 0.00 (0%)
KOSM 7.46 No Change ▼ 0.00 (0%)
MLCF 41.38 No Change ▼ 0.00 (0%)
NBP 60.41 No Change ▼ 0.00 (0%)
OGDC 190.10 No Change ▼ 0.00 (0%)
PAEL 27.83 No Change ▼ 0.00 (0%)
PIBTL 7.83 No Change ▼ 0.00 (0%)
PPL 150.06 No Change ▼ 0.00 (0%)
PRL 26.88 No Change ▼ 0.00 (0%)
PTC 16.07 No Change ▼ 0.00 (0%)
SEARL 86.00 No Change ▼ 0.00 (0%)
TELE 7.71 No Change ▼ 0.00 (0%)
TOMCL 35.41 No Change ▼ 0.00 (0%)
TPLP 8.12 No Change ▼ 0.00 (0%)
TREET 16.41 No Change ▼ 0.00 (0%)
TRG 53.29 No Change ▼ 0.00 (0%)
UNITY 26.16 No Change ▼ 0.00 (0%)
WTL 1.26 No Change ▼ 0.00 (0%)
BR100 10,010 Increased By 126.5 (1.28%)
BR30 31,023 Increased By 422.5 (1.38%)
KSE100 94,192 Increased By 836.5 (0.9%)
KSE30 29,201 Increased By 270.2 (0.93%)

China Construction Bank International (CCBI) plans to step up its internationalisation by setting up an asset management firm in Singapore this year and will launch more yuan-denominated products abroad to support China's push for wider use of its currency, its chief executive said.
"The slower pace of yuan internationalisation is only temporary and the long-term trend is certainly for yuan internationalisation to continue," Hu Zhanghong, also chairman of CCBI, told Reuters.
"We'll further expand our yuan business amid this big trend and setting up a Singapore asset management firm this year probably will help with this though it also has other functions," Hu said, adding the date will depend on regulatory approval. The asset management firm in Singapore will be its first outside of Hong Kong. CCBI is the investment services flagship of the country's second-largest bank China Construction Bank and is a pioneer in taking offshore yuan products beyond Asia.
It launched the first Renminbi Qualified Foreign Institutional Investor (RQFII) money market ETF denominated in yuan in the euro zone on Euronext Paris last June, soon after its first RQFII yuan ETF was listed on the London Stock Exchange in March.
The Chinese lender also sold 1 billion yuan ($154.5 million) of offshore yuan bonds in London late last year to broaden the investor base of the so-called dim sum bonds.
Hu said there was still room to improve yuan product trading globally by listing the same product in different time zones to make it available to investors 24 hours a day. "We'll consider launching relevant products in America at an appropriate time," Hu said.

Copyright Reuters, 2016

Comments

Comments are closed.