Luxembourg’s main advantage in the context of RMB settlement is that you have an extensive and mature ecosystem of financial services providers.
Since 2013, the PBoC began to designate overseas subsidiaries of Chinese banks to act as offshore RMB clearing banks. In Luxembourg, ICBC Luxembourg Branch functions as the official RMB clearing bank.
MORE ABOUT
-
CONNECTING CHINA AND EUROPE
Seven major Chinese banks, including Bank of China, Industrial and Commercial Bank of China, China Construction Bank, Agricultural Bank of China, Bank of Communications, China Merchants Bank, China Everbright Bank have chosen Luxembourg as their principal European domicile.
Read More -
INVESTMENT FUNDS
Luxembourg is the global hub for cross-border investments and a gateway for Chinese investment flows
Read More -
RMB DENOMINATED BONDS
As a result of the internationalisation of RMB, the Dim Sum Bond market has grown since its inception and the Luxembourg Stock Exchange (LuxSE) is a one of the leading exchanges for the listing and trading of these instruments
Read More
-
CLEARING AND SETTLEMENT
Since 2013, the PBoC began to designate overseas subsidiaries of Chinese banks to act as offshore RMB clearing banks. In Luxembourg, ICBC Luxembourg Branch functions as the official RMB clearing bank.
Read More -
PAYMENTS
Alipay, originally a payment channel for the Alibaba e-commerce platform, and WeChat pay, growing out of a popular Chinese social messaging service, have emerged as giant providers of e-wallets in China.
Read More