BOC branch opening in Austria marks stronger economic ties

VIENNA - The opening of the first Bank of China branch in Austria represents an important link between the Austrian and Chinese economies as well as between China and the Eurozone, the head of the Austrian central bank said on Tuesday.

Governor of the National Bank of Austria (OeNB) Ewald Nowotny said at the opening ceremony of the Bank of China branch that the event shows the intentions of both sides to strengthen and expand ties on all levels.

Nowotny said a recent visit to China had shown him the important role of the Bank of China first-hand. As direct investments from Chinese companies in Europe increases, he said cooperation between the two countries is becoming increasingly important for Austria.

An agreement had been made with the People's Bank of China and the OeNB to make possible renminbi-denominated investments in Austria. The OeNB is the first non-Asian central bank to have such an agreement with the Chinese central bank.