Central Banking

France and Luxembourg join race to become Europe's renminbi hub

European Union map

The French and Luxembourg central banks struck deals with the People's Bank of China (PBoC) over the weekend that will see both countries welcome renminbi clearing banks in the coming months – intensifying the competition among Europe's biggest financial centres to become major offshore markets for the Chinese currency.

The PBoC has already designated clearing banks for London and Frankfurt this month – China Construction Bank and Bank of China respectively – and is working fervently to bolster

To continue reading...

You need to sign in to use this feature. If you don’t have a Central Banking account, please register for a trial.

Sign in
You are currently on corporate access.

To use this feature you will need an individual account. If you have one already please sign in.

Sign in.

Alternatively you can request an indvidual account here: