Luxembourg news: renminbi website launched; financial regulator questioned; EU tax probe

Luxembourg launches website to develop Renminbi business :

” A new website has been launched to promote Luxembourg’s activities with the renminbi (RMB). went live on Monday and is aimed at developing Luxembourg’s financial sector into a cross-border RMB centre.”

“In addition, Industrial and Commercial Bank of China (ICBC) and Bank of China (BoC) have their European headquarters in Luxembourg and China Construction Bank (CCB) recently received its banking license to operate in Luxembourg.”

The website says that RMB business is “A government led initiative headed by the Ministry of Finance and supported by Luxembourg banks, including Luxembourg subsidiaries of Chinese banks. Luxembourg’s banking and fund associations, as well as the securities and the banking regulator, will ensure the ongoing efforts in establishing Luxembourg as the centre for international renminbi business in the Euro Area.”

Financial watchdog denies conflict of interest allegations : “Luxembourg’s financial regulatory body has denied allegations of a conflict of interest among its board members, whose firms are monitored by the watchdog.”

EU investigating Luxembourg over company tax deals  :  “The European Commission is investigating Luxembourg, Ireland and the Netherlands over corporate tax deals, the commission’s competition authorities have confirmed.”


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