"This is an MOU focusing on product development, technology collaboration and regulatory collaboration. It makes a lot of sense for us to do something together as the two leading Asian independent exchanges with an internationalized market,"Li told CNBC.
Speaking about what opportunities the two exchanges see in the futures and derivatives business, Li said the overall focus would be on renminbi internationalization.
"As the primary offshore center for the renminbi, I've always believed strongly that we're talking about renminbi internationalization not Hong-Kongization," Li said. "We have to make sure that there are other international centers whether that's London, Singapore or New York."
In October 2013, China said it would allow Singapore-based investors to buy securities denominated in the Chinese yuan. That moved followed a similar agreement in London to pave the way there for renminbi trading.
Meanwhile, on the previous day the Society for Worldwide Interbank Financial Telecommunication (SWIFT) said that the yuan has overtaken the euro as the second most used currency international trade finance.
"Our collaboration with HKEx, through new products and services available on both exchanges, is yet another example how the Asian Gateway enables easier access to Chinese capital markets," Becker said in a statement.
