Lu International and Ping An Trust launch their first offshore RMB product
New offshore RMB product with urban investment bonds denominated in RMB as underlying assets will be available on the LU Global app
SINGAPORE, October 5, 2021 / PRNewswire / – Lu International (Singapore) Financial Asset Exchange Pte. Ltd. (“Lu International”), a subsidiary of from China Lufax Holding (NYSE: LU), a leading technology-based personal financial services platform, is set to officially launch its first offshore fixed-term RMB product in partnership with Ping An Trust. New offshore RMB product will be available on the Lu Global app
The RMB offshore product offering must be issued by Ping An Trust with urban investment bonds denominated in RMB as the underlying assets. At the same time, Lu International will serve as the official online distribution platform for users around the world.
Commenting on the launch of the new product, Lu International COO Ye Tingting said, “The growing recognition of RMB internationally and the continuous improvement of offshore RMB market operations have led the renminbi market share to increase steadily. significant. In response to this, we have taken a proactive approach to provide comprehensive asset allocation options to global Lu International users by leveraging the high quality assets of Ping An Trust. “
The world RMB is here
The establishment of a new dual circulation strategy in China has led to significant growth of the offshore RMB market and the internationalization of the currency.
Taking the London illustrative market, according to public records, at the end of May 2021, the total of actual receipts and payments of cross-border services in RMB processed by China and the UK has reached around 763.9 billion yuan, a significant increase of 61% compared to the period of the previous year.
The volume of trade that of London The RMB foreign exchange market also maintained solid growth. Data from the Bank of England showed that in the first quarter of 2021, the average daily volume of offshore RMB currency trading in London had reached 96.8 billion pounds, up 9.01% sequentially.
While the value of deposits and loans denominated in RMB in from London offshore market was slightly lower than that recorded at the same period last year. At the end of the first quarter of 2021, the balance of RMB deposits in the London offshore market was around 72 billion yuan, an increase of 11.21% quarter-on-quarter and a slight decrease of 5.12% year-on-year.
With the implementation of from China the double circulation policy, the smooth functioning of the national and international circulation of the RMB will improve the use of the currency in the world markets. In this context, the expansion of offshore RMB asset activities and the improvement of offshore RMB liquidity are of great importance for the internationalization of the RMB.
About Lufax Holding Ltd
Lufax Holding Ltd is a leading technology-based personal financial services platform in China. Lufax Holding Ltd primarily uses its customer-centric product offerings and offline to online channels to provide retail credit facilitation services to small business owners and employees of China, as well as tailor-made wealth management solutions for from China rapidly growing middle class. The Company has implemented a unique, low-cap, hub-and-spoke business model combining specially designed technology applications, extensive data and financial services expertise to effectively deliver the right products to the right customers. For more information, please visit www.lufaxholding.com.
About Lu International
Lu International (Singapore) Financial Asset Exchange Pte. Ltd. (“LUI”) (Co. Reg. No. 201702479G) holds a Capital Markets Services License issued by the Monetary Authority of Singapore under the Securities and Futures Act (Cap. 289 of the Singapore) (“SFA”) in respect of its activities in the activities regulated by the SFA of trading in securities, managing funds and providing custodial services, to eligible clients.
Lu Global is an online mobile wealth management and investment platform operated by LUI and based in Singapore. It offers 24/7 online access to a wide range of high-quality investments and the ability to easily invest small amounts with low commitment periods to provide maximum flexibility while enjoying returns. attractive.
SOURCE Lu International (Singapore) Financial Asset Exchange Pte. Ltd.