Luxembourg third largest RMB centre worldwide
With more than 260bn assets denominated in renminbi (RMB), Luxembourg is now the third largest RMB centre in the world, according to data published by Luxembourg for Finance (LFF).
The RMB has this year become one of the top 10 traded currencies globally, and has already overtaken the USD and EUR as dominant reference currency in East Asia.
Luxembourg has joined the race for the RMB together with Frankfurt and London, which have recently become clearing centres for the RMB.
Regulators in Luxembourg and China have signed a memorandum of understanding last year, allowing Chinese institutional investors to invest in Luxembourg regulated investment funds, whilst enabling the distribution of Luxemburg Ucits funds in mainland China.