Renminbi transactions now available in Zurich

by swisscham in Bilateral Relations

The Chinese currency renminbi can now be used for transactions in Switzerland after the PeopleÕs Bank of China granted the Zurich branch of the Chinese Construction Branch the necessary license. The Zurich branch of the China Construction Bank (CCB) is now authorised by the PeopleÕs Bank of China (PBC) to be the renminbi clearing bank of Switzerland, announced the Swiss National Bank (SNB). The authorisation means that the Memorandum of Understanding between the SNB and PBC on establishing renminbi clearing arrangements in Switzerland has now been successfully implemented. The MOU was signed in January 2015. Renminbi clearing services will help dismantle trade barriers between the two countries, facilitate investments in each country and lower banking costs, leading the SNB to describe the latest move as a Òfurther milestone in the bilateral financial cooperation between China and Switzerland.Ó Renminbi clearing services will facilitate and promote the use of the Chinese currency in cross-border transactions involving companies and financial institutions. The SNB expects the development of a renminbi market in Switzerland to contribute to the strength of Switzerland as a financial centre.

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