OREANDA-NEWS. July 10, 2014. The People’s Bank of China and Banque Centrale du Luxembourg signed a MOU on Establishing RMB Clearing Arrangements in Luxembourg. Afterwards, a RMB clearing bank in Luxembourg will be designated by the People’s Bank of China.

The People’s Bank of China and Banque Centrale du Luxembourg agreed to coordinate and cooperate on supervision and oversight of the RMB business, information exchange, and assessment and improvement of the system.

The establishment of RMB clearing arrangements in Luxembourg will promote the use of RMB in cross-border transactions by enterprises and financial institutions in China and Luxembourg, and further facilitate bilateral trade and investment.