china\s icbc plans to create rmb in luxembourg
Last Updated : GMT 17:31:38
Arab Today, arab today
Arab Today, arab today

China\'s ICBC plans to create RMB in Luxembourg

Arab Today, arab today

Arab Today, arab today China\'s ICBC plans to create RMB in Luxembourg

Luxembourg - XINHUA

The Industrial and Commercial Bank of China (ICBC) plans to create a RMB cross-border business center in Luxembourg to cover Europe, it said on Tuesday. The bank revealed the plan in a seminar attended by ICBC Chairman Jiang Jianqing and the Finance Minister of Luxembourg Luc Frieden. In an interview with Xinhua, Xu Zhi, head of Financial Markets Department of ICBC (Europe), said that last year, ICBC (Europe) made financing cross-border trade in RMB for a total of 10.8 billion yuan (1.7 billion U.S. dollars), and generated a combined total of 25.9 billion yuan in RMB cross-border transaction. Headquartered in Luxembourg, ICBC (Europe) operates a network which covers major European cities, including Paris, Amsterdam, Brussels, Milan, Madrid, Barcelona, Warsaw and Lisbon. During the first four months of this year, ICBC (Europe) was more dynamic in its RMB business, recording 17.5 billion yuan on the financing of cross-border trade and 16.4 billion yuan on cross-border transactions. In March 2013, ICBC (Europe) helped the French company Renault to issue bonds of 750 million yuan through ICBC (Asia) on the Hong Kong market. According to Li Yanni, director of the RMB cross-border business division at ICBC headquarters in Beijing, the Chinese commercial bank has 400 facilities in 39 countries and regions and better access to capital markets in 18 African countries as the single largest shareholder of South Africa\'s Standard Bank. Since the launch of RMB cross-border business in 2009, ICBC has actively promoted the implementation of the RMB in cross-border business operations. Its RMB compensation network now covers nearly 70 countries and regions, and RMB cross-border business has reached a total amount of 3,000 billion yuan. Jiang said he appreciated Luxembourg, which has 20 billion yuan of deposits in RMB, as one of the most important financial centers in Europe and in the world and an excellent platform for the development of RMB cross-border business. Frieden welcomed the development of RMB cross-border business of ICBC in Luxembourg and Europe and stressed the \"common success\" for ICBC and Luxembourg. (1 yuan = 0.16 U.S. dollar)

arabstoday
arabstoday

Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

china\s icbc plans to create rmb in luxembourg china\s icbc plans to create rmb in luxembourg

 



Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

china\s icbc plans to create rmb in luxembourg china\s icbc plans to create rmb in luxembourg

 



Arab Today, arab today
Arab Today, arab today Jordanian woman reveals her project

GMT 00:46 2017 Saturday ,11 November

Jordanian woman reveals her project
Arab Today, arab today PNG police start removing refugees

GMT 03:00 2017 Friday ,24 November

PNG police start removing refugees
Arab Today, arab today Sophian Yussef reveals suitable decoration

GMT 02:56 2017 Thursday ,23 November

Sophian Yussef reveals suitable decoration
Arab Today, arab today Syria congress to go ahead

GMT 02:24 2017 Friday ,24 November

Syria congress to go ahead
Arab Today, arab today IS media offline for a day

GMT 02:10 2017 Friday ,24 November

IS media offline for a day
Arab Today, arab today
Arab Today, arab today
Arab Today, arab today Human form of 'mad cow' disease

GMT 00:11 2017 Friday ,24 November

Human form of 'mad cow' disease
Arab Today, arab today British woman jailed in Iran to appear

GMT 03:19 2017 Friday ,24 November

British woman jailed in Iran to appear
Arab Today, arab today Delhi half-marathon to go ahead

GMT 03:51 2017 Saturday ,18 November

Delhi half-marathon to go ahead
Arab Today, arab today The history of solar eclipses

GMT 05:16 2017 Sunday ,20 August

The history of solar eclipses
Arab Today, arab today Mitsubishi Materials units falsified product

GMT 03:24 2017 Friday ,24 November

Mitsubishi Materials units falsified product
Arab Today, arab today 'Robo-taxis' hold promise, and perils

GMT 08:07 2017 Thursday ,23 November

'Robo-taxis' hold promise, and perils
Arab Today, arab today Solaf happy for participating in “Hotline”

GMT 07:56 2017 Wednesday ,22 November

Solaf happy for participating in “Hotline”
Arab Today, arab today paObama climate envoy slams Trump's rejection

GMT 16:04 2017 Friday ,17 November

paObama climate envoy slams Trump's rejection

GMT 08:03 2017 Tuesday ,21 November

Abeer Sabry reveals reason of “The Flood” success

GMT 08:03 2017 Thursday ,23 November

Srebrenica women cry tears of joy

GMT 18:41 2017 Friday ,20 October

Designer Aql Faqih aspires to innovation

GMT 11:38 2017 Wednesday ,15 November

Unloved vultures fight for their survival

GMT 17:52 2017 Sunday ,03 September

Etiquette expert underlines importance of gifts

GMT 09:12 2017 Thursday ,23 November

4 in 10 cancers due to modifiable risk

GMT 10:47 2017 Wednesday ,22 November

The Big Apple bike boom

GMT 17:12 2017 Monday ,07 August

Al-Shawaifi reveals secrets of total solar eclipse

GMT 16:53 2017 Tuesday ,05 September

Youssra depended on colored foam
Arab Today, arab today
Arab Today, arab today
 
 Arab Today Facebook,arab today facebook  Arab Today Twitter,arab today twitter Arab Today Rss,arab today rss  Arab Today Youtube,arab today youtube  Arab Today Youtube,arab today youtube
arabstoday arabstoday arabstoday arabstoday
arabstoday arabstoday arabstoday
arabstoday
بناية النخيل - رأس النبع _ خلف السفارة الفرنسية _بيروت - لبنان
arabstoday, Arabstoday, Arabstoday