日批在线视频_内射毛片内射国产夫妻_亚洲三级小视频_在线观看亚洲大片短视频_女性向h片资源在线观看_亚洲最大网

US EUROPE AFRICA ASIA 中文
Business / Economy

ICBC becomes renminbi clearing bank in Luxembourg

By Cecily Liu (chinadaily.com.cn) Updated: 2014-09-16 20:13

ICBC Luxembourg Branch has been appointed as a renminbi clearing bank in Luxembourg on Tuesday, marking an important milestone in the Grand Duchy's race to become a leading renminbi center in Europe.

The news follows the signing in June of a Memorandum of Understanding between the People's Bank of China and Luxembourg's Central Bank to set up a clearing bank in Luxembourg.

"It's fantastic news, and confirms the Chinese authority's recognition for Luxembourg's role as one of the major renminbi hubs in Europe," said. Nicolas Mackel, chief executive of Luxembourg for Finance, an agency that works for the development of the financial sector in Luxembourg.

"A clearing bank is the guarantee for renminbi liquidity. Any investor who buys renminbi denominated bond, or any trade that needs settlement, can have the guarantee for liquidity in renminbi, so the announcement is not purely symbolic," Mackel said.

An official clearing bank facilitates the efficient clearing of offshore renminbi transactions, achieved through the appointed bank's direct cooperation with the People's Bank of China, China's central bank.

As a demonstration of different European financial centers' competition to become renminbi centers, Bank of China has just been appointed the renminbi clearing bank in Paris. Renminbi clearing banks have also been appointed in London and Frankfurt earlier this year.

Mackel said he believes there is more cooperation between different European financial centers than competition, because these centers all specialize in different financial products or expertise, and together they can build up renminbi activities in Europe.

Mackel said that Luxembourg's concentration of Chinese banks have lead to a large accumulation of renminbi deposits and loans. The large number of renminbi bonds listed on its stock exchange and the great volume of renminbi assets under management in Luxembourg all give Luxembourg an advantage in being a renminbi hub.

Luxembourg has the largest pool of renminbi in the Eurozone with 79.4 billion yuan in deposits and 73.0 billion yuan in loans until the end of the first quarter of 2014. It is also the largest renminbi securities settlement centre and the leading listing place for renminbi denominated bonds in Europe.

The funds investing in renminbi denominated assets domiciled in Luxembourg have managed assets over 261.8 billion yuan. Luxembourg is home to Clearstream, the principal European supplier of post-trading services, through which renminbi bonds with a volume of currently 408 billion yuan in the first quarter of 2014 are cleared and financed.

ICBC first had a presence in Luxembourg in 1998 as a representative office, which was quickly upgraded to a branch in 1999. In 2006, ICBC established a subsidiary in Luxembourg in order to prepare for the bank's expansion to other European countries using the EU's Single Passport policy.

"Luxembourg is an important financial center in Europe, with efficient regulations, obvious geographical advantage and a government that readily welcomes foreign investment into the country," says Gao Ming, chairwoman of ICBC Europe said to China Daily in a previous interview.

Hot Topics

Editor's Picks
...
...
主站蜘蛛池模板: 99久久久久久久久 | 国产精品免费一区二区三区 | 亚洲乱轮视频 | 99re国产精品 | 日本亚洲国产 | 免费成人结看片 | 欧美日韩亚洲色图 | 99成人精品视频 | av最新在线 | 中文在线字幕免费观 | 天堂网在线观看 | 亚洲日日夜夜 | www.狠狠撸.com | 粉嫩av一区 | 国产成人97精品免费看片 | 毛片999| 午夜精品免费观看 | 激情网站在线 | 涩涩视频在线 | 全部孕妇毛片丰满孕妇孕交 | 99国产精品久久久久久久成人热 | 久久国产久 | 狠狠干超碰 | 中文字幕理伦片免费看 | 69中文字幕 | av中文资源在线 | 97在线国产| 久久深夜福利 | 色欧美日韩 | 国产三级精品在线观看 | 国内激情视频 | 亚洲播播| 玖玖在线播放 | 午夜精品一二三区 | 精品美女一区二区 | 日本五十路女优 | 奶波霸巨乳一二三区乳 | 国产成人精品综合 | 国产精品免费一区二区三区都可以 | 日韩在线二区 | 不卡视频在线 |