ICBC to open RMB center in Luxembourg

Spurred by successful US$1.7 billion trade last year.

The Industrial and Commercial Bank of China, China’s largest bank, plans to establish a renminbi cross-border business center in Luxembourg to cover Europe.

Xu Zhi, head of Financial Markets Department of ICBC (Europe), said that ICBC (Europe) last year generated a combined total of RMB25.9 billion in RMB cross-border transaction.

Based in Luxembourg, ICBC (Europe) operates a network that covers major European cities including Paris, Amsterdam, Brussels, Milan, Madrid, Barcelona, Warsaw and Lisbon.

During the first four months of this year, ICBC (Europe) recorded RMB 17.5 billion on the financing of cross-border trade and RMB 16.4 billion on cross-border transactions.