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Speech by H.E. Ambassador Liu Xiaoming At the Launch of the First China A-share ETF
2014/01/12

(London Stock Exchange, 9 January 2014)

Financial Secretary Sajid Javid,

Lord Livingston,

Chief Executive Madam Chen Ding,

Chief Executive Mr. Ted Hood,

Ladies and Gentlemen,

It is a real pleasure for me to witness history being made today in the City of London.

I warmly congratulate the launch of the joint ETF by CSOP and Source on the London Stock Exchange.

This is the first ever China A-share fund launched in London through the Chinese Government RQFII initiative. It marks a significant step that enables renminbi holders outside of China to invest directly in China's mainland.

Last year off-shore RMB business grew rapidly. London has now become the largest centre for off-shore RMB business outside China's mainland and the Hong Kong SAR.

Moreover, last July, the China Securities Regulatory Commission announced that the RQFII pilot program will be further rolled out in Singapore and London. Soon after that China and UK held the Fifth Economic and Financial Dialogue. An important outcome of that Dialogue was that London was granted an initial RQFII quota of 80 billion RMB.

Against this background, I am sure by jointly launching this very first China A-share ETF, early birds like CSOP and Source will 'catch worms aplenty'.

CSOP is the holding company of China Southern Asset Management Company and the largest RQFII asset manager approved by Chinese State Administration of Foreign Exchange. Source UK Services Limited is a young but fast growing specialist British-based provider of exchange-traded products. Working together, these two companies will draw on each other's strengths and make each other even stronger.

I wish you great success in Chinese markets. I look forward to seeing you create new models and so help set higher standards for China-UK financial cooperation.

I also hope that this event will be a great 'kick off' for a very positive start for China-UK cooperation in 2014. I expect this launch to be followed by a raft of highlights in our cooperation in the year of the Horse.

In conclusion, I wish you all a happy and successful New Year!

Thank you!

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