Luxembourg second largest “true offshore” RMB centre
According to the latest Swift RMB Tracker, Luxembourg ranks second as a “true offshore” RMB centre behind Singapore and before London.
International payment flows sent and received excluding China and Hong Kong increased by 517% since September 2013. Payment flows in Singapore increased by 574% YTD September 2013/2014, while flows in London grew by 236% only. The renminbi has now reached record levels of payments activity between offshore financial centres. Overall, international RMB payments between offshore trading centres increased by 837% over the past two years