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On November 27, 2015, Industrial and Commercial Bank of China (Europe) S.A. (hereafter refers to as “ICBC (Europe)”) was granted 4 billion RMB investment quota in Luxembourg under the Renminbi Qualified Foreign Institutional Investor (hereafter referred to as “RQFII”)scheme by the State Administration of Foreign Exchange.
This is the first time for Luxembourg financial institutions to obtain investment quotas from Chinese regulator since the RQFII scheme was extended to Luxembourg in April of this year. According to the information from Luxembourg for Finance, as of the end of 2014, RMB-denominated assets held in Luxembourg domiciled investment funds reached 296.3 billion RMB.
Luxembourg is the second largest investment fund center in the world, and...
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