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RMB Business in Luxembourg

Published Tuesday June 04 2013

On May 28th, ICBC hosted a conference in Luxembourg on RMB offshoring opportunities.

Chairman Jiang Jianqing announced on this occasion his bank's intention to set up a RMB cross-border center at its European Headquarter in Luxembourg.

Minister of Finances Luc Frieden confirmed his determination to position Luxembourg as a platform within Europe for RMB business. He underlined that Luxembourg is already processing an extensive volume in Rmb deals, recalling that Luxembourg's very internationally oriented Stock Exchange was the first to actually list a Dim Sum bond outside Greater China (in May 2011). Today, 36 Dim Sum bonds have been listed in Luxembourg for some 20 bn Rmb and many of those that are listed elsewhere are cleared and settled through Luxembourg's Clearstream. 18 Investments Funds are promoting RMB denominated products out of Luxembourg.

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