ChinaLux News

ChinaLux News (174)

London, Frankfurt and Paris have reinforced this week their RMB capabilities, hence contributing further to the internationalisation of the Chinese currency. In this article by Luxembourg publication Paperjam (in French) Mr. Nicolas Mackel, CEO of Luxembourg for Finance and member of ChinaLux Advisory Board, explains that although apparently London can claim victory over other financial centres for their recent share of RMB-trading resources, Luxembourg's versatility and pragmatism in terms of cross-border investment solutions, gives the Grand Duchy numerous cards to play in a race that is far from over.

Although Minister's Gramegna's mission is focused on the US,  success with China is key to attract interest in that market.

Uncertainty about the details surrounding this matter gives ground to debate and speculation. Opinions are divided. This nteresting summary by specialised magazine Asian Investor, which features one of our founding members law-firm Elvinger Hoss & Prussen, gives us an overview of the different positions held currently by different market players.

SAIC Motor Corporation Limited (“SAIC Motor” for short, stock code 600104) is one of the largest automotive corporations in China and one of our founding members. This article from the Wall Street Journal, which mentions SAIC among others, gives us an overview of how the automotive sector in China is making huge strides to compete with foreign firms on the integrated electronics area. 

 

According to Luxembourg's Wort, HNCA which is shareholder in Luxembourg's Cargolux has an interest in developing a project that will fly passengers in an out of China to the heart of Europe, Luxembourg. 

The BBC has just aired a story filmed in Luxembourg (link below), during the First Luxembourg RMB Forum. ChinaLux was there, getting a feeling of how the Grand Duchy's postion in terms of RMB trading gets stronger by the day. And BBC confirms.

Last 26th of February, Luxembourg held its First Luxembourg RMB Forum with around 300 participants coming both from China and the EU. The event was a great success, as witnessed by ChinaLux who had the honor to attend. China Simplified, our guest resident blogger has put together some of the impressions coming out from the media.

Monday, 10 February 2014 09:24

Celebrating Chinese New Year of the Horse

The Chinese new year, also known as the spring festival, is the most important celebration in the Chinese calendar and this year the Luxembourg finance and business community have been joining in the celebrations with gusto.

luxembourgforfinance.lu 

On the 21st of January 2014, more than 350 ChinaLux members and friends gathered at the Luxembourg Chamber of Commerce to celebrate the new-born ChinaLux and the forthcoming Chinese New Year of the Horse.

The president of ChinaLux, Mr. Dirk Dewitte, together with its twenty founding members received the great support not only from the newly appointed director general of Luxembourg Chamber of Commerce, Mr. Carlo Thelen, but also Economy Minister Etienne Schneider and the Ambassador of the People's Republic of China, Zeng Xianqi. They all spoke with emphasize on the important roles that ChinaLux can play between the two countries. With more and more Chinese companies and banks considering Luxembourg as an ideal starting point to establish their businesses in Europe, ChinaLux would like to promote China-Luxembourg related trade initiatives and events, provide an efficient information database and facilitate contacts with official bodies.

With already a very successful event organized on the internationalisation of RMB, ChinaLux will continue to offer other events and workshops during the Year of the Horse with high-calibre professionals as key speakers. 

A few articles from Luxembourg press:

ChinaLux rings in the Year of the Horse

China ist in Luxemburg

ChinaLux Welcomes Year of the Horse