Luxembourg Launches Website for Tracking Yuan Business
(Beijing) – Luxembourg took its ambition to develop an offshore yuan center a step further on September 16 by launching a website dedicated to tracking and facilitating the development of the Chinese currency business in the European country.
The website, www.rmb-business.com, was developed as part of an initiative led by the Luxembourg Ministry of Finance to explore yuan business opportunities and build the country into a fully fledged cross-border yuan center, according to the announcement by Luxembourg for Finance, an organization created to support financial development.
The website is in English, but a Chinese version will be available soon. Its job is to provide regular updates on the development of yuan business in Luxembourg and related research results and press coverage, the announcement says.
Luxembourg leads all other European countries in terms of yuan-denominated deposits, loans and trade finance, the announcement says, citing data from global auditor PricewaterhouseCoopers.
The data shows that, as of the end of June, the amount of deposits and loans in Luxembourg was 39.9 billion yuan and 61.9 billion yuan, respectively. The volume of yuan trade finance in the first six months was 51.8 billion yuan.
The country also has a leading position in Europe in terms of yuan-denominated securities fund raising. In the first and the second quarters, 34 and 39 yuan-denominated bonds were issued in the Luxembourg Stock of Exchange, raising, respectively, 18.3 billion yuan and 24 billion yuan.
In the first half, the amount of yuan securities settlement in Luxembourg was almost 353 billion yuan. As of June 30, investors from Hong Kong, Macau and Singapore held more than 70 percent of all yuan securities issued in Luxembourg.
Apart from Luxembourg, London and Singapore have been among the forerunners in a race to build an offshore center for yuan business. Hong Kong is still the champion.
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