Strategy
Luxembourg Presses On With Deepening Financial Ties With China
As its delegation visit to China continues, the government of Luxembourg announced yesterday that China-based online payment platform Alipay is to set up business in the European jurisdiction. Agricultural Bank of China is, meanwhile, setting up its European headquarters in the country.
As its delegation visit to China continues, the government of Luxembourg announced yesterday that China-based online payment platform Alipay is to set up business in the European jurisdiction. Agricultural Bank of China is, meanwhile, setting up its European headquarters in the country.
The move by Alipay was announced by Pierre Gramegna, Luxembourg’s finance minister, at a seminar in Shanghai.
Earlier this week, Luxembourg’s Central Bank and its Chinese counterpart signed a memorandum of understanding to create the framework for a future designation of a renminbi clearing bank in Luxembourg.
The MoU was signed between the Asset Management Association of China and Luxembourg’s Investment Fund Association; it also announced the decision of China Merchants Bank to set up in Luxembourg. It will join the Bank of China, ICBC and China Construction Bank.
