China designates Industrial and Commercial Bank as Renminbi clearing bank in Luxembourg

BRUSSELS, Sept 16 (KUNA) -- The People's Bank of China nnounced the designation of Industrial and Commercial Bank of China (ICBC) as the Renminbi clearing bank in Luxembourg.
Luxembourg for Finance Agency in a statement said 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 internationalisation of the Renminbi and as one of the major European Renminbi hubs," it noted.
The three major Chinese banks have chosen Luxembourg as their European hub and other Chinese banks are in the process of following in their steps.
Today's announcement will bolster even more the development of Renminbi related activities among Luxembourg's European and global investor base, it added. (end) nk.mt