DIGITAL BUSINESS
Clearstream to cooperate with ICBC in their capacity as Luxembourg RMB clearing bank
ICBC Luxembourg launched their services as Renminbi (RMB) clearing bank for Luxembourg. Clearstream will work closely with ICBC Luxembourg to facilitate offshore cross-border RMB liquidity.
January 8, 2015
ICBC Luxembourg launched their services as Renminbi (RMB) clearing bank for Luxembourg. Clearstream will work closely with ICBC Luxembourg to facilitate offshore cross-border RMB liquidity.
Increasing liquidity of offshore RMB is a critical component for improving market confidence and growing the global offshore RMB, an objective supported by Clearstream’s RMB strategy. Together, Clearstream in its role as a Securities Settlement System and ICBC in their role as RMB clearing bank in Luxembourg hope to build further liquidity and advance the offshore RMB market.
Luxembourg is an established hub for offshore RMB activity in the Eurozone, and ICBC will play a key role in promoting cross-border offshore activity directly with China, as well as between Luxembourg and other RMB centres around the world.
ICBC joins Bank of China in Frankfurt and Paris, along with the Chinese Construction Bank in London as one of the four banks in Europe to receive this appointment.