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As one of the only financial centres in the Eurozone with a significant volume of cross-border activities in Chinese Yuan, Luxembourg is already an important international RMB centre. Two of the largest Chinese banks, ICBC and Bank of China, have their European headquarters in Luxembourg and are constantly attracting Chinese companies interested in investing abroad. A third, China Construction Bank, announced the opening of a branch in the Grand Duchy in the near future.
The figures are impressive: 216bn assets under management in Yuan RMB, 30bn Yuan RMB in loans and 20bn Yuan RMB in deposits are currently managed in Luxembourg. Moreover, the first so-called “Dim Sum bond” outside of China was listed at the Luxembourg Stock Exchange in 2011. There are now 36 Dim Sum...
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