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Luxembourg Central Bank and PBOC announce RMB clearing bank
On June 28th, Mr. Gaston Reinesch, Governor of the Banque centrale du Luxembourg, and Mr. Xiaochuan Zhou, Governor of the People’s Bank of China, signed a Memorandum of Understanding (MoU) on the sidelines of the Bank for International Settlements’ Annual General Meeting that took place in Basel.
The MoU aims to establish a cooperation between the two institutions in terms of oversight, exchange of information and assessment pertaining to the renminbi business in Luxembourg in view of a forthcoming designation, by the PBoC, of a renminbi clearing bank in Luxembourg. The BCL will monitor the renminbi market in Luxembourg and share relevant data with the PBoC.