Although Luxembourg trade volume is not large, but it's ranked first Yuan trade financing countries in Europe. The data from PWC showed that, the total of RMB trade finance in Luxembourg from January 2013 to September was 70.1 billion Yuan, and it was covering letter of credit, remittance and import financing. Plenty of trade and funds between China & the EU all through the Luxembourg, which makes the local RMB can radiation to the whole Europe. Not only the RMB trade financing, but also in the internationalisation of RMB, "The First of Europe" with Luxembourg still has a lot: RMB deposits, RMB loans, RMB securities settlement. Luxembourg has the largest RMB capital pool in Euro Zone's.
Written by Dora Men
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