ChinaLux News

ChinaLux News (178)

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. 

Congratulations to ICBC, Founder Member of CHINALUX

"To be the first ever overseas institution of a Chinese bank honored by Euromoney with this coveted award, it demonstrates full recognition of the progress made in Chinese banking globalization during recent years." ICBC

Ever tried to explain to Chinese prospects the advantages of domiciling investment funds in Luxembourg? Camille Thommes from Alfi, gave a wonderful summary to 21st Century. Article in Chinese here below.






In May of 2014 Bank of China issued the first offshore RMB bond in Luxembourg (the first by a Mailand China organisation in continental Europe).  ICBC and China Construction Bank are reported to also be laying the ground for their own RMB bond emissions at the Luxembourg Stock Exchange. Robert Scharfe, CEO of the Luxembourg Stock Exchange commented the outcome of those preparations may become a reality very soon. 

在今年五月中行在卢森堡发行中资银行在欧洲大陆的首只人民币债券后,工行和建行也正在与卢森堡交易所探讨发行人民币债券。卢森堡证交所CEO Robert Scharfe近日表示,或在近期在卢森堡交易所发行人民币债券。


Last 8th May, Bank of China issued their Schengen bond for 1.5 billion RMB at the Luxembourg Stock Exchange with a 3.5% yield over 3 years. Investors responded positively, with a total subscription over 3 billion RMB.

58日,中国银行(2.59, 0.00, 0.00%)卢森堡分行成功发行15亿元人民币申根债券,为中国企业在欧洲大陆上市交易的首个离岸人民币债券。该债券期限3年,利率为3.5%,得到当地和国际投资者积极响应,认购金额超过30亿元。


THE NEWS WERE REPORTED BY 21st Century and quoted by Sina Finance as available here. 

The Luxembourg Financial Mission to China is proving to be a source of optimism and excitement for the Luxembourg business scene. Today, in addition to the news of yet one other major Chinese bank planning to set up shop in Luxembourg (Agricultural Bank of China - ABC), the news of Alipay intending to set up an European entity in the Grand Duchy will make our friends in the ICT sector rejoice. 



Alipay, one of the pillars of the Alibaba group, is one of the world's strongest contenders in the e-commerce sector (if not already the strongest). And it is Alibaba group that are making Amazon shareholders lose sleep these days. To know more about  Alibaba Group, this WSJ article ahead of its US IPO will give you a primer. And if you need to find your way around China's Internet and e-commerce landscape, this is the roadmap for you, also courtesy of WSJ


卢森堡财政大臣皮埃尔•格拉美亚7月3日在上海举办的论坛上宣布,中国主要的在线支付平台之一支付宝将在卢森堡大公国设立欧洲公司。 中国农业银行也正在筹办在卢森堡设立其欧洲总部的事宜。格拉美亚说道,至此,在最大的六家中资银行中,有五家已经选择了卢森堡作为其欧洲总部。

The Luxembourg community welcomed yesterday's the announcement by Minister Gramegna of China Merchants Bank confirmation of the plan to set up a headquarter office in  the Grand Duchy. The news were also welcome in China, as reported by China Daily. 


Short English summary:

"In the first day at a conference held in Beijing of (Luxembourg, China’s hub in Europe), Luxembourg's Finance Minister Mr. Pierre Gramegna announced that China Merchants Bank had already decided to start the process of setting up  headquarters in Luxembourg. This  reinforces the significant position of Luxembourg as RMB trading center in Europe."