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The China Foreign Exchange Trade System (CFETS) and the Chicago Mercantile Exchange (CME) Wednesday exchanged copies of an agreement on cooperation in trading of foreign exchange and interest rate futures and options on futures.

Xie Duo, president of the CFETS and Phupinder Gill, president of CME, exchanged the respective copies of the agreement.

According to the agreement, members of CFETS will gain access to electronic trading of CME foreign exchange and interest rate products, and CFETS will become a CME super-clearing member, providing services for investors based in the Chinese mainland who will trade CME foreign exchange and interest rate products. CME and CFETS will jointly provide consulting and technical services to CFETS members and staff.

The agreement indicates that CFETS can provide more foreign exchange and interest rate products to its members, and it is an important step in the development of China's foreign exchange market, said an official with CFETS, adding that it would prompt the further opening of China's financial market.

The CME is the largest financial exchange in the world and offers the largest regulated foreign exchange derivatives trading complex in the world.

Founded in Shanghai in 1994, the CFETS is the first national foreign exchange trading system in China. It is a non-profit public institution with independent accounts under the head office of the People's Bank of China.

Serving as an inter-bank foreign exchange market, the CFETS adopts a membership system, providing services in foreign exchange trading and financial products for Chinese enterprises, joint ventures and foreign-funded firms in China.

(Xinhua News Agency April 6, 2006)