Luxembourg amongst top 10 hubs exchanging worldwide RMB payments
According to latest Swift statistics, Luxembourg is amongst the top ten countries in the world with highest renminbi payments, ranking 9th, excluding China and Hong Kong.
Payments in RMB in Luxembourg increased by 41.9% year-on-year. Luxembourg is thus one of only four European countries being in the top 10. Altogether, Europe makes up 10% of payments in RMB worldwide.
Contrary to its counterparts, Luxembourg exchanges yuan flows mainly with countries outside Greater China, a trend that is likely to increase in the future. The announcement of a clearing bank in Luxembourg in July boosted this development.
The renminbi is now the 7th most used global currency with 1.57%, moving up 6 places since January 2013.