Deutsche Boerse confirms Chinese joint venture

FRANKFURT (Reuters) - Deutsche Boerse has agreed to set up a joint venture with Shanghai Stock Exchange and China Financial Future Exchange to develop and market Chinese shares and ETFs for investors outside mainland China, it said on Wednesday. The statement confirmed Reuters reports that the joint venture was set to be unveiled. Shanghai Stock Exchange and Deutsche Boerse will each own 40 percent and China Financial Futures Exchange the remaining 20 percent of the venture, to be named "China Europe International Exchange" and incorporated in Germany. It will start market operations in the fourth quarter of this year, initially offering cash market products in renminbi. "The cross-border use of RMB is increasing rapidly, and RMB internationalisation has become an important strategy in the process of the opening up of China's economy and financial industry," Deutsche Boerse said in a statement. "To promote such a strategy, a well-functioning market with offshore investment and trading opportunities is crucial." (Reporting by Georgina Prodhan; editing by Thomas Atkins)