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Industrial and Commercial Bank of China Limited Luxembourg Branch (abbreviated as ‘ICBC Luxembourg Branch’) has been designated as the RMB clearing bank in Luxembourg, according to an announcement made by the People’s bank of China (PBOC) on September 16, 2014. This appointment makes ICBC its first clearing bank in Europe, marking a major step for ICBC to create a global RMB clearing network across different time zone, while enhancing the internationalization of RMB, especially the utilization of RMB in the cross-border transactions in Europe.
After being mandated as the RMB clearing bank, ICBC Luxembourg Branch promises that they will strictly fulfill the obligations to the regulatory rules under the direction of authorities of both China and Luxembourg, commit to...
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