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The internationalisation of the Renminbi is a trend and Luxembourg wants to play an important part in that process. The country wants to become the main international RMB centre in the Eurozone. In that context, the Bank of China is aiming to become Luxembourg RMB clearing bank.
The jump to the top is only a question of time. Renminbi, the official currency of the People’s Republic of China, will not only become a major international payment currency but also the official reserve currency of many countries. Emerging from the development of a global financial market, and accelerated by the financial crisis, the balance of power between economies has shifted. Consequently, the RMB will inevitably join the US Dollar and the Euro as a reference currency of the global...
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