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Luxembourg’s Finance Minister Pierre Gramegna visits China
As Luxembourg continues to reinforce its position as offshore RMB center in Europe, Luxembourg’s Minister of Finance Mr. Pierre Gramegna led a delegation of 70 top executives from the financial and related sectors to China (Beijing and Shanghai) from June 30th to July 3rd.
Minister Gramegna started his trip in Beijing where he welcomed the signing of a Memorandum of Understanding between Luxembourg's Central Bank and the People's Bank of China setting the framework for a future designation of a Renminbi clearing bank in Luxembourg. He then had meetings with his Chinese counterpart, Finance Minister Lou Jiwei, with the chairman of China Securities Regulatory Commission (CSRC), Mr Xiao Gang, with the Governor of the People’s Bank of China (PBoC), Mr. Zhou Xiaochuan and with Mr. Shang Fulin, the chairman of China Banking Regulatory Commission (CBRC).
Mr. Gramegna also took the opportunity of this visit to talk with representatives of Bank of China, ICBC and China Construction Bank which have already their European headquarters in Luxembourg and attended the signing ceremony of a Memorandum of Understanding between the Asset Management Association of China (AMAC) and Luxembourg’s Investment Fund Association (ALFI). He announced that Agricultural Bank of China (ABC) and China Merchants Bank (CMB) are in the process of setting up their EU entities in Luxembourg.
In Shanghai Mr. Gramegna announced that Alipay, the major online payment platforms in China, will establish its European entity in the Grand Duchy.
In each city Luxembourg for Finance held a seminar “Luxembourg, China’s hub in Europe” featuring keynotes from the Minister and other financial experts.