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China, Luxembourg pledge to strengthen financial cooperation

Updated: Jul 29,2015 9:44 AM     Xinhua

BRUSSELS — China and Luxembourg have decided to continue their excellent bilateral cooperation in the financial sector.

Luxembourg Finance Minister Pierre Gramegna met new Chinese Ambassador to Luxembourg Huang Changqing on July 28, and they discussed topics related to the strengthening of bilateral relations in the financial field.

“The Chinese market is a vital point of passage in the strategy of diversifying our financial center,” said Gramegna, according to a statement of the Luxembourg Finance Ministry.

The minister said more than half of authorized investment funds in Hong Kong are from Luxembourg. In the opposite direction, Luxembourg is the entry point for Chinese banks, from which they develop the European market.

Luxembourg is one of European main centers of business in Chinese currency RMB for many activities and hosts the European headquarters of six major Chinese banks.