Buyer Community> Trade Intelligence> news> China signs RMB business MoUs with Luxembourg, France
Source: China Daily China Daily

China signs RMB business MoUs with Luxembourg, France

Published: 01 Jul 2014 22:06:18 PST

BEIJING - The People's Bank of China (PBOC), China's central bank, on Sunday announced that it has inked two Memorandum of Understanding (MoUs) on renminbi (RMB) business with the central banks of Luxembourg and France.

The MoU between the PBoC and Banque centrale du Luxembourg (BCL) aims to establish cooperation 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 yuan clearing bank in Luxembourg, said the PBOC.

Zhou Xiaochuan, Governor of the PBOC, and Gaston Reinesch, Governor of the BCL, on Saturday signed the MoU on the sidelines of the Bank for International Settlements' Annual General Meeting taking place in Basel, Switzerland, the BCL said in a statement on its website. The BCL will monitor the renminbi market in Luxembourg and share relevant data with the PBOC, noted the statement.

Zhou and Christian Noyer, Governor of the Banque de France, on Saturday signed a separate MoU to set up shortly a renminbi payment system in Paris.

This MoU was the first step towards the creation of a renminbi clearing and settlement infrastructure in Paris. This payment system will function on the basis of a clearing bank that will be designated by the PBOC, the French central bank said in a statement on its website.

CCB authorized as yuan clearing bank in London

Bank of China gets yuan mandate in Frankfurt

Bank of Communications approved for yuan-sterling direct trade

RQFII program expanded to France

China signs RMB business MoUs with Luxembourg, France
China signs RMB business MoUs with Luxembourg, France
 France leads eurozone in offshore RMB payments Bank of China gets yuan mandate in Frankfurt  

 

30-Jun-2014

Share this post:
Related Article
Most Popular
icbu-news011134160146