Press Release: New website on Chinese Renminbi Business in Luxembourg
The new website "Luxembourg - the Centre for International RMB Business in the Eurozone" went live today, as of September 16, 2013. The site has been developed in the framework of an initiative between the Luxembourg government, relevant public authorities and the private sector, headed by the Luxembourg Ministry of Finance. The objective of the initiative is to analyse further opportunities to develop the Luxembourg financial sector into a fully-fledged cross-border RMB centre.
The site’s features include detailed information on the RMB-related activities in Luxembourg and on the advantages of Luxembourg’s financial centre in this area. The global domain www.rmb-business.com underlines the ambitions of the Luxembourg financial centre to further play a leading role in the world of finance.
Latest news on the development of RMB business in Luxembourg, articles from the international press, video testimonials, event announcements, as well as the latest facts and figures are going to be published on this website on a regular basis. In order to best serve the Chinese community, a Chinese version will be available soon.
Today, Luxembourg is already the most important hub for cross-border RMB business in the Eurozone. With RMB 62bn in loans granted by banks in Luxembourg, roughly RMB 40bn in deposits and almost RMB 220bn invested in funds domiciled in the Grand Duchy, Luxembourg ranks first amongst the centres handling RMB business in Europe. Luxembourg is also the largest RMB securities settlement centre and the leading listing place for RMB denominated bonds in Europe.
In addition, Industrial and Commercial Bank of China (ICBC) and Bank of China (BoC) have their European headquarters in Luxembourg. Recently China Construction Bank (CCB) received its banking license to operate in Luxembourg.
They selected Luxembourg for its competitive advantage as an international financial centre, known for its economic stability and its skillful and multilingual work force.
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