Statement of the Swiss Bankers Association on the further development of Switzerland as a RMB hub

For more than two years, the Swiss Bankers Association (SBA) has been aiming at positioning Switzerland as a hub for business with China and the Chinese currency in order to participate in the growth of China and its financial markets. Today’s announcement marks a further step in this direction.

The SBA welcomes the fact that the Swiss National Bank (SNB) and the People’s Bank of China (PBC) signed a Memorandum of Understanding on RMB Clearing arrangements in Switzerland. The SBA expects that a possible application will be considered in an efficient and favourable way.

The SBA furthermore welcomes the announcement that Switzerland is obtaining a Renminbi Qualified Foreign Institutional Investor Quota of RMB 50 billion. This is an important prerequisite for Swiss banks to be able to invest directly in RMB denominated products and to participate in the RMB capital market. By this means, clients of Swiss banks are able to buy RMB products in a way that is cost-effective, timely and close to the markets.

More information on this topic can be found here.