Europe's Foremost Renminbi Hub

Mondaq Business BriefingLuxembourg Articles in EnglishFinance and Banking (2014)

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Europe's Foremost Renminbi Hub

1. What are the continuing efforts to internationalise the renminbi? What is the role of Luxembourg in this process?

On June 28 2014, a memorandum of understanding (MOU) on renminbi clearing arrangements in Luxembourg was signed between the central bank of Luxembourg (Banque centrale du Luxembourg) (BCL) and China's central bank, the People's Bank of China (PBOC). A renminbi clearing bank will soon be designated in Luxembourg. This evidences a further step in China's efforts to internationalise the renminbi.

Currently, Luxembourg is the leading centre for renminbi business in the ...

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