China, Switzerland to Sign Financial Deal on Offshore RMB Market in Zurich

by swisscham in Business

China and Switzerland are poised to sign a financial deal on Wednesday to pave the way for the establishment of an offshore renminbi market in Zurich. “A memorandum of understanding will be signed between the central banks of the two countries during Chinese Premier Li Keqiang’s visit to Switzerland,” a government official told Xinhua. “It is an important step in the internationalization of the renminbi, especially in Europe.” Li arrived in Zurich Tuesday to attend the annual meeting of the World Economic Forum (WEF) in the Swiss ski resort of Davos and pay a short working visit to Switzerland. He is scheduled to deliver a keynote speech on China’s economy and reform efforts to the participants of the forum and meet with Swiss leaders on Wednesday. “Financial cooperation will be the brightest spot of Premier Li’s visit to Switzerland,” the official said. “The two countries will announce the plan to set up an offshore renminbi market in Zurich.”

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