Chinese central bank authorises Swiss RMB clearing

Following a memorandum of understanding between the SNB and the People’s Bank of China (PBC), the latter has authorised the Zurich branch of China Construction Bank to become the renminbi (RMB) clearing bank in Switzerland.

The establishment of a Swiss RMB clearing centre comes as similar agreements have been signed among others in Luxembourg, Frankfurt and London.

According to the SNB, availability of renminbi clearing services will facilitate and promote the use of the renminbi in cross-border transactions between companies and financial institutions.

ABOUT THE AUTHOR
Mona Dohle
Mona Dohle speaks German and Dutch, she is DACH & Benelux Correspondent for InvestmentEurope. Prior to that, she worked as a journalist in Egypt and Palestine. She started her career as a journalist working for a local German newspaper. Mona graduated with an MSc in Development Studies from SOAS and has completed the CISI Certificate in International Wealth and Investment Management.

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