Swiss Renminbi Hub Has 13 Partner Banks

by swisschambei in Business

China Construction Bank (CCB) officially opened its Zurich branch on January 14, 2016. In the five years since then, the institution has supported companies from Switzerland and China in establishing and expanding their business activities in the respective countries. On behalf of the Central Bank of the People’s Republic of China (PBoC), CCB has also established the renminbi hub in Switzerland since 2016 and has since been developing cross-border business with the Chinese currency in Switzerland as a clearing bank for the renminbi. Since its opening, the hub has recorded a transaction volume of CNY 4,300 billion yuan (about CHF 590 billion), of which around CNY 2,600 billion was accounted for in 2020 alone, the institution said. The hub today has 13 Swiss partner banks. As a Chinese bank in Switzerland, CCB’s Zurich branch focuses on providing first-class financial services to Swiss companies operating in China, Swiss import and export companies, Chinese companies operating in Switzerland, and Swiss and international financial institutions.

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