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      Luxembourg Central Bank signs a MoU with People's Bank of China

      Luxembourg Central Bank signs a MoU with People's Bank of China

      On Sunday 29 July 2014, the Luxembourg Central Bank signed a Memorandum of Understanding with the People's Bank of China.

      Gaston Reinesch, Governor of the Central Bank of Luxembourg (BCL), and Mr. Zhou Xiaochuan, Governor of the People's Bank of China (PBoC) signed this MoU in the margins of the Bank for International Settlements’ Annual General Meeting held in Basel, Switzerland.

      The MoU between the People’s Bank of China and the Luxembourg Central Bank aims to establish cooperation in terms of oversight, exchange of information and assessment regarding renminbi business in Luxembourg in view of a forthcoming designation of a renminbi clearing bank in Luxembourg by the People’s Bank of China.

      The Luxembourg Central Bank will monitor the renminbi market in Luxembourg and share relevant data with the PBoC.

      Press release - Luxembourg Central Bank (www.bcl.lu)