ICBC selected to clear yuan transactions in Luxembourg
Industrial and Commercial Bank of China (ICBC) was selected Tuesday to clear yuan transactions in Luxembourg, which aims to become a major trading centre as China expands use of its currency abroad.
(AFP/ADW) Industrial and Commercial Bank of China (ICBC) was selected Tuesday to clear yuan transactions in Luxembourg, which aims to become a major trading centre as China expands use of its currency abroad.
The Luxembourg Central Bank said Tuesday in a statement it "welcomes the People's Bank of China's selection of Industrial and Commercial Bank of China (ICBC) Luxembourg Branch as the renminbi clearing bank in Luxembourg".
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