Luxembourg wants bank for yuan deals

Luxembourg Minister of Finance Pierre Gramegna said the state would benefit from having an official clearing and settlement bank for yuan transactions and a Renminbi Qualified Foreign Institutional Investors quota.

Gramegna said on Wednesday he will visit China in either June or July and express these two wishes to the Chinese government in the hope they will be fulfilled.

Gramegna was speaking at The Luxembourg Renminbi Forum, a one-day event attracting 300 financial experts from all over Europe, and the first of its kind in Luxembourg.