Renminbi Business

Today, Luxembourg is the most important hub for cross-border RMB business in the Eurozone. Being the largest fund centre in the world after the US, Europe’s leading international bond listing platform and the premier private banking center in the Eurozone, Luxembourg has a remarkable expertise in financial services. As one of the few remaining European countries with a AAA rating, it also offers a stable political and economical environment. These facts cater significantly to Luxembourg’s development as a major RMB hub.

Hubs will be crucial for the global expansion of the RMB offshore market providing for higher acceptance of the currency for trade and settlement. Moreover, within the hubs private initiative and market demand drive innovation and move away from the constraints of officially supplied liquidity.

RMB offshore hubs develop in a more independent way from the onshore market and eventually expand as platforms for “pure offshore” transactions. It is in this spirit that the Luxembourg financial centre is developing actively its renminbi activities.

Luxembourg is:

  • the leading European financial centre in terms of RMB loans and deposits;
  • the only country in Europe with RMB denominated investment funds;
  • the leading listing place for RMB denominated bonds in Europe and the third largest worldwide;
  • Europe’s largest hub as regards RMB securities settlement volumes.

Luxembourg institutions have an impressive track record in cross-border activities. The Luxembourg Stock Exchange (LuxSE) was the first to launch a Chinese Sovereign bond in 1994. The first RMB-denominated bond by a European issuer (Volkswagen) was listed at the LuxSE in 2011. In 2014, the first RMB bond by a Chinese mainland company issued in the Eurozone was listed in Luxembourg.

Many of the major international asset managers, as well as the biggest Chinese players in this industry, have launched renminbi-denominated investment funds in Luxembourg. Luxembourg’s asset management industry is an important driver in the development of RMB investment funds.

Luxembourg’s responsive government and regulator have already encouraged the five Chinese banks ICBC, Bank of China, China Construction Bank, Bank of Communications and Agricultural Bank of China to set up their European headquarter in Luxembourg. Furthermore, China Merchants Bank has set up a branch. With the designation of ICBC as a clearing bank, Chinese authorities have confirmed Luxembourg’s stance as a major RMB hub.

Indeed, Luxembourg is the ideal entry gate for international players into the EU single market. Some 70% of the EU’s wealth is concentrated within a 700 km radius around Luxembourg, which makes the country a prime location for cross-border investment. Over many decades, Luxembourg has developed a unique financial centre ecosystem with a high level of cross-border expertise, which includes essential market infrastructures, such as the Luxembourg Stock Exchange and post-trade service providers such as Clearstream, family offices, insurance companies, lawyers, tax experts, consultants, auditors, accountants as well as a specific regulatory framework that allows banks to outsource IT and operational processes to service providers that are fully regulated by the financial sector supervisor.

人民币业务

卢森堡是现今欧元区内最重要的跨境人民币业务枢纽。作为仅次于美国的第二大全球基金中心,欧洲领先的国际债券上市平台,以及欧元区内的卓越私人银行中心,卢森堡致力于提供出色专业的金融服务。作为少数几个AAA信用评级的欧洲国家之一,卢森堡还拥有稳定的政治和经济环境。这些优势有助于推动卢森堡发展成为主要的人民币业务枢纽。

枢纽中心对于人民币离岸市场的全球拓展至关重要,因为这能提升人民币在贸易和结算中的接受程度。此外,枢纽中心内积极的私营业务和市场需求会促进创新,同时不受官方定额流动性的限制。

人民币离岸枢纽中心独立于国内市场进行发展,最终发展成为进行“纯离岸”交易的平台。基于这一原则,卢森堡金融中心正积极发展人民币活动。

卢森堡:

  • 在人民币贷款和存款业务方面,是欧洲领先的金融中心;
  • 唯一拥有人民币计价投资基金的欧洲国家;
  • 欧洲人民币计价债券的领先上市地点,全球排名第三;
  • 在人民币证券结算量方面,是欧洲最大的枢纽中心。

卢森堡各大机构的跨境业务成绩斐然。卢森堡证交所(LuxSE)是首家发行中国主权债券的欧洲机构,发行时间为1994年。欧洲发行人的首支人民币计价债券(大众汽车)于2011年在卢森堡证交所上市。2014年,中国大陆公司在欧元区内发行的首支人民币债券于卢森堡上市。

众多主要的国际资产管理公司以及中国业内的大型机构,已经在卢森堡发行了人民币计价投资基金。卢森堡的资产管理行业极大地推进了人民币投资基金的发展。

卢森堡政府及其监管机构反应高效,已经成功地吸引了五大中资银行,即中国工商银行、中国银行、中国建设银行、交通银行和中国农业银行将其欧洲总部设在卢森堡。此外,中国招商银行也已开设分行。中国政府亦指定工商银行作为清算银行,确认了卢森堡作为主要人民币枢纽中心的地位。

事实上,卢森堡是国际企业进入欧洲统一市场的理想门户。欧盟约70%的财富集中在卢森堡周边700公里半径的范围内,使其成为了跨境投资的首选。在过去几十年中,卢森堡形成了独特的金融中心生态系统,拥有高端专业的跨境业务服务,包括关键的市场基础设施(例如卢森堡证交所)与交易后的服务供应商,例如明讯银行、家族理财室、保险公司、律师、税务专家、顾问、审计师,以及特定的监管框架,允许银行将IT和操作流程外包给受金融监管部门全面管理的服务供应商。