OREANDA-NEWS. June 25, 2014. Bank of China President Chen Siqing paid a visit to Luxembourg's Finance Minister Mr. Gramegna. Both sides had in-depth discussions about further strengthening financial cooperation and expanding the RMB business.

President Chen Siqing expressed his gratitude for the government of Luxembourg’s long-term support for BOC, and said BOC will bring into full play the role of its Luxembourg Branch as a regional center to provide higher-quality and more efficient financial services to clients in the country and across Europe. President Chen further introduced the progress of RMB internationalization at the request of Gramegna, and expressed that BOC will further leverage its expertise and fully support the development of an offshore RMB center in Luxembourg.

Mr. Gramegna warmly welcomed President Chen Siqing, and extended his congratulations to the successful issue of “Schengen Bonds” by the BOC’s Luxembourg Branch, the first of its kind by a Chinese institution. He further pointed out that his government cares much about RMB internationalization and the development of a local offshore RMB center. He voiced his hope to deepen cooperation with BOC in RMB business and investment funds, among others, and expected BOC to play a greater role in the RMB internationalization process.