One of Europe’s largest financial intermediaries plans to accept mainland Chinese bonds traded in Hong Kong as collateral, helping the drive by Beijing to internationalise its currency.Euroclear, the Brussels-based central securities depository with more than €43tn of assets under custody in 2025, is working with Chinese and Hong Kong authorities to participate in the Bond Connect programme that links the mainland with offshore investors.
Chief executive Valérie Urbain told the FT the move was an attempt “to see how we can contribute to the internationalisation of the renminbi” and was part of a push to expand services for clients.
“How can we partner with the Chinese market authorities to continue to increase the liquidity of the renminbi assets?” she asked.