ChinaLux News

ChinaLux News (169)

Contrary to its counterparts, Luxembourg exchanges yuan flows mainly with countries outside Greater China, a trend that is likely to increase in the future. The announcement of a clearing bank in Luxembourg in July boosted this development.

 

Chinese e-business companies eying at Luxembourg

With more and more Chinese banks and Chinese e-payment providers showing growing interest in doing business in Europe, the Luxembourg Trade and Investment Office in Shanghai together with major Luxembourg-based companies – POST Luxembourg, EBRC, PwC and Dewolf & Partners – organised two workshops in Shanghai and Hangzhou on 4 and 5 August to present Luxembourg as an ICT platform for Chinese companies in Europe.

From Left to right: Lys Pan, Luxembourg Trade and Investment Office; Alex Duwaerts, EBRC; Torsten Woywod, EBRC; Micael Weber, POST;  Dixon Guo, PwC;  Alexandra Bru, PwC;  Luc Decker, Consul general of Luxembourg in Shanghai, Shaohui Zhang, Dewolf & Partners.

Read the article on PwC.lu >

 

Luxembourg is featured yesterday in this very complete summary made by the Wall Street Journal, of the country's aspirations to become Europe's RMB hub. In addition to some descriptive anecdotes, it is worth noting the words from Mr. Li of China Construction Bank on the goals of CCB while in Luxembourg, as well as a reminder of how Luxembourg compete's best with its rivals in this race. 

This is according to a very recent study published by Renmin University in collaboration with Bank of Communications and published today by People's Daily. A goos summary of where we are at the moment and were Luxembourg is mentioned alongside other major financial centers. 

 

 

NB: this article from Asian Investor will have a paywall 48 hours after publication on the original source. 

On 18 July 2014, the rating agency Fitch confirmed its rating on Luxembourg's long-term foreign and local currency Issuer Default Ratings (IDR) at AAA with Stable Outlooks. Luxembourg continues to benefit from the best credit rating from the three major rating agencies: S&P, Moody's and Fitch.

 

If you happen to be in Shanghai or Hangzhou at the beginning of August 2014 you are in luck, as you will be able to participate in a seminar that will help you understand the vast array of possibilities offered by  Luxembourg as an access gate to the European market and take advantage of its strong and unique ICT infrastructure. 

For more details, see our Events section or our attached files in this post. 

KPMG, one of CHINALUX's Founder Members, has just published a quick tax alert on the implications of China's FATCA Agreement signature with the U.S. for overall tax compliance.