On December 4, 2014, Agricultural Bank of China Limited held the signing ceremony for the Strategic Cooperation Agreement with Shanghai Clearing House in Beijing. Mr. Zhang Yun, President of ABC and Mr. Xu Zhen, Chairman of Shanghai Clearing House attended the ceremony. Mr. Wang Wei, Vice-president of ABC and Mr. Xie Zhong, General Manager of Shanghai Clearing House respectively signed on the Strategic Cooperation Agreement. According to the Agreement, both parties will provide further support to each other in capital clearing, business consulting, two-way employee training and comprehensive clearing membership services. They will enhance the cooperation in interbank financing business.
Sources from ABC introduced that ABC has been actively carrying out the national policy on serving real economy and the "going global" strategy in an all-round manner. It made active efforts to set up a multi-currency cross-border clearing network. Beijing, Shanghai, Hong Kong, London and New York are the points of support and RMB is the main currency of the clearing network which lays a solid foundation to develop itself into a global systematically important bank. Since 2010, ABC has maintained a close business partnership with Shanghai Clearing House in business such as central counterpart clearing and issue custody. It has also become one of the first A-Class general clearing members, and one of the first clearing members of the bond central counterpart clearing business, the RMB interest rate swap (IRS) central counterpart clearing business and the foreign exchange central counterpart clearing business.
This Agreement marks the staged achievement made by both parties in business cooperation. Meanwhile, it has opened a new chapter where both parties work together for long-term development and a promising future. Both parties will make joint contribution to the development of China's interbank market and the building of the global RMB clearing system of state-owned commercial banks.

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