News Column to Set Up European Branch in Luxemburg

July 3, 2014

SHANGHAI, July 3, SinoCast -- A delegation from Luxemburg visiting Shanghai declared that the People's Bank of China (PBOC) and Central Bank of Luxembourg have inked cooperative memo to arrange CNY clearing bank in Luxemburg, which will be a Chinese bank that has set up branches locally.

In the following weeks, one of Chinese top online payment service providers will also set up European branch in Luxemburg, where PayPal and have settled down.

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Source: Sinocast Banking & Credit Beat (China)

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