26 Feb 2014 | Press Releases
Luxembourg for Finance organised the first international RMB forum in Luxembourg. High-level meeting to focus on opportunities for investors and financial centres as internationalisation of the Chinese currency climbs high on agenda.
European and Chinese leaders from government and industry will convene today at the Renminbi Forum held in Luxembourg to discuss the rising internationalisation of the RMB and the numerous opportunities this new chapter in China's economic evolution offers to international investors as the latest figures* confirm a growing demand for renminbi products. This one-day conference, organised in partnership between Luxembourg for Finance and Clearstream, will take place at the iconic Philharmonie in Luxembourg.Luxembourg's Minister of Finance, Pierre Gramegna, will open the conference that will be attended by 300 international experts and practitioners. A key-note speech will be given by Mr Yves Mersch, member of the ECB's executive board.As the very first such international conference on renminbi business in Europe, the forum will provide an important platform for the panels to address the role of the various European financial centers in the internationalisation of the RMB, the question of maximisation of liquidity, as well as the development of new financial products, in particular in the investment fund area.Pierre Gramegna, Luxembourg's Minister of Finance, stated: "Luxembourg is extremely proud to play such a significant role in the internationalisation of the Chinese currency, given the excellent long-standing relations between China and Luxembourg. Today, we are the uncontested leader in the EU and Eurozone for RMB deposits, loans, investment funds as well as RMB-denominated bonds. This very first international conference on renminbi business in Europe will undoubtedly serve as a platform for experts and practitioners who want to develop their understanding of the opportunities offered by this historic economic and financial evolution.” Jeffrey Tessler, Chief Executive Officer, Clearstream, commented: "To facilitate dialogue on the important renminbi internationalisation agenda, we are pleased to partner for and participate in the first Renminbi forum conference, which offers a focus on European and Chinese stakeholders working together. A cornerstone of Clearstream's business strategy is to facilitate and support our customers' increasing demand to invest in the Asian markets. We have a clear vision and market approach to continue to take this agenda forward - together with partners from across the market, we intend to help facilitate the development a truly international offshore market for the Chinese currency." The conference is sponsored by Bank of China, Industrial and Commercial Bank of China, Standard Chartered, PricewaterhouseCoopers and Elvinger, Hoss & Prussen. China’s Caixin is the media partner of the conference.* Latest figures: www.rmb-business.com