People’s Bank of China designates ICBC as Renminbi clearing bank in Luxembourg
Today the People's Bank of China has announced the designation of ICBC as the Renminbi clearing bank in Luxembourg. This designation follows the signing of a Memorandum of Understanding between PBOC and the Central Bank of Luxembourg (BCL) on 28 June 2014.
The Chinese authorities confirm with this designation the important role that Luxembourg plays in the context of the internationalisation of the Renminbi and as one of the major European Renminbi hubs.
Luxembourg is the premier financial center in Europe for Renminbi investment fund domiciliation and distribution as well as for the listing of Dim Sum bonds. The three major Chinese banks have chosen Luxembourg as their European hub and other Chinese banks are in the process of following in their steps.
Today's announcement will bolster even more the development of Renminbi related activities among Luxembourg's European and global investor base.