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Hong Kong, Mainland To Cooperate On Commodities

by Mary Swire, Lowtax.net, Hong Kong
29 April, 2014

On April 23, Hong Kong Exchanges and Clearing Limited (HKEx) and the Hong Kong branch of China Minsheng Banking Corp, Ltd (Minsheng) signed a memorandum of understanding (MoU) for strategic cooperation on solutions for market users and product development, particularly in commodities markets.

The MoU was signed in Hong Kong by HKEx Chief Executive Charles Li and Hong Qi, Vice Chairman of the Board of Directors and the President of Minsheng – one of the largest Mainland banks serving commodities companies.

Among other things, the MOU will help Minsheng in its delivery of hedging and other value chain solutions to its clients, and it will give HKEx access to Minsheng's large client base for product marketing.

"The MOU we signed today is a milestone for both parties and marks the beginning of HKEx's collaboration with Chinese banks in providing hedging and risk management tools for buyers and sellers of commodities throughout the value chain," said Li.

"We look forward to using our combined strengths, including our derivatives infrastructure and Minsheng's large network of offices and clients, for win-win initiatives that benefit the market as a whole as well as our organizations," he continued.

Hong added that "commodities business is a key business of our bank in recent years. Last year, we launched our exclusive brand in respect of bulk commodity financing business. … With the platform of HKEx, we believe that our bank can perfectly combine commodity management and the use of finance to provide clients with ideal financial solutions, which will in turn propel the cooperation and development of the financial sectors of Hong Kong and Mainland China."

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