Recently, due to BOC's excellent global RMB clearing capacity and the demand for establishing an offshore RMB center in Luxembourg, BOC has become the first RMB clearing bank recognized by the government of Luxembourg in line with the market principle, fully carrying out RMB clearing business in Luxembourg.
With an extentive global reach and a clearing capacity unmatched in its business, boc will effectively improve the RMB clearing efficiency in Luxembourg and thus attract more European financial institutions to engage in RMB business; consolidating the position of Luxembourg as a international finance center.
Being the only bank that has been continuously operating for more than a century in China and being the most internationalized and diversified Chinese-funded bank, BOC plays its role as the main channel for cross-border RMB clearing business in the world. Now, Bank of China has already been the designated RMB clearing bank in such countries and regions as Hong Kong, Macau, Taiwan and Malaysia.
Founded in 1979, BOC Luxembourg Branch is the first overseas Chinese financial institution after the founding of the People's Republic of China. For more than 30 years, BOC Luxembourg Branch has been providing comprehensive bank services by taking advantage of Luxembourg's unique role as an international finance center, and has achieved leapfrog development. As of now, its subordinate institutions have been established in six countries including Luxembourg, Belgium, Netherlands, Poland, Sweden and Portugal. In recent years, BOC Luxembourg Branch is seeing a robust development in the cross-border RMB clearing business. Up to the end of this May, RMB deposits in the BOC Luxembourg Branch had amounted to RMB8.9 billion and the transaction volume of cross-border RMB payment had reached RMB38.3 billion.
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