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People’s Bank of China designates ICBC as Renminbi clearing bank in Luxembourg
On September 16th, the People's Bank of China announced the designation of ICBC as the Renminbi clearing bank in Luxembourg. This designation follows the signing of a Memorandum of Understanding between PBOC and Luxembourg's Central Bank on 28 June 2014.
The Chinese authorities confirm with this designation the important role that Luxembourg plays in the context of the internationalization of the Renminbi and as one of the major European Renminbi hubs.
Luxembourg is the premier financial center in Europe for Renminbi investment fund domiciliation and distribution as well as for the listing of Dim Sum bonds. This announcement will bolster even more the development of Renminbi related activities among Luxembourg's European and global investor base.
For more information visit www.luxembourgforfinance.com and www.rmb-business.com