EUROPEAN UNION: Clearstream to Cooperate with ICBC in their Capacity as Luxembourg RMB Clearing Bank

Tuesday December 16 2014

On 4th December 2014, ICBC Luxembourg launched their services as Renminbi (RMB) clearing bank for Luxembourg. Clearstream will work closely with ICBC Luxembourg to facilitate offshore cross-border RMB liquidity.

Increasing liquidity of offshore RMB is a critical component for improving market confidence and growing the global offshore RMB, an objective supported by Clearstream’s RMB strategy. Together, Clearstream in its role as a Securities Settlement System and ICBC in their role as RMB clearing bank in Luxembourg hope to build further liquidity and advance the offshore RMB market.

Click link above for further details.