December 19, 2017

CCDC local headquarters and collateral security center unveiled in Shanghai

The Shanghai Headquarters of China Central Depository & Clearing Co Ltd and the Collateral Security Center were unveiled in the Shanghai Free Trade Zone recently at a seminar and the Shanghai’s Key Yield was released at the same time.

CCDC has introduced a series of financial policies to improve Shanghai’s financial market, and expanded its global influence. It is also supporting Shanghai’s endeavor in building itself into an international financial center.

With its headquarters set up in Shanghai, CCDC incorporates cross-border bond distribution center, cross-border bond settlement center, collateral security center, and Shanghai Data Center to help upgrade the financial market system in the city.

The total value of the collateral securities in the center has reached 12 trillion yuan (US$1.814 trillion), and it will become an important centrum of financial risk control and management for China’s renminbi financial system, and contribute to the sustainable development of Shanghai as a financial center.

It will also help Shanghai to gain pricing power. The release of Shanghai’s Key Yield will make the use of treasury yield curve more direct and convenient, and support Shanghai in forming a global renminbi based economy and setting up the renminbi pricing center.

Zhou Bo, executive vice mayor of Shanghai, said Shanghai is carrying out China’s strategic development plan of advancing the Shanghai Free Trade Zone and building a technology and innovation center with international influence. Meanwhile, the city is improving the innovation and entrepreneurship-friendly market environment, and he hoped that the CCDC can play a bigger role in serving real economy and financial risk control.

Shui Ruqing, chairman of the board of CCDC, and Zheng Yang, director of Shanghai Financial Service Office, also attended the opening ceremony of the center.