SCH to develop finance products in deal with US exchange firm

The Shanghai Clearing House signed a memorandum of understanding with Chicago-based CME Group Inc, one of the world's largest derivatives marketplaces, to develop products and services for global users as China accelerates its market liberalization and yuan internationalization.

The two organizations announced on Tuesday they will also cooperate in the areas of risk management and market research.

Shanghai Clearing House Chairman Xu Zhen said: "Through this cooperation, we hope to leverage CME Group's international experience in financial innovation and global markets to further enhance our central counterparty clearing mechanisms and financial products innovation, and continue to expand the influence of Shanghai Clearing House in the global financial markets."