ICBC seeks to put up Yuan cross-border business hub in Luxembourg

David Nealis President of Ceres Ltd in Switzerland 

ICBC seeks to put up Yuan cross-border business hub in Luxembourg

The Industrial and Commercial Bank of China revealed plans to set up a Yuan cross-border business hub in

Luxembourg that will cover the whole of Europe. Financial Markets Department of ICBC (Europe) Chief Xu Zhi said that in 2012 ICBC (Europe) had a cross-border Yuan trade totaling RMB10.8 Billion (US$ 1.7 Billion), and produced an overall total of RMB 25.9 Billion (US$4.22 Billion) in cross-border deals, according to Chinese State run media.