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Premier wraps up visit in Switzerland

Premier Li Keqiang has wrapped up his visit to Switzerland and left for home.

During his visit, the two countries signed an MOU to set up an offshore Renminbi market in Zurich. Under the deal, Zurich receives 50 billion yuan as its Renminbi Qualified Foreign Institutional Investors quota. This will allow investors in Switzerland’s financial capital to invest Renminbi directly into Chinese financial markets.

This is considered an important step in the internationalization of the Chinese currency, especially in Europe. Li arrived in Zurich on Jan 20 for the World Economic Forum in the ski resort of Davos and a short working visit.

In his keynote speech, the premier gave reassurance that the Chinese economy is not heading “for a hard landing” though it will face downward pressures in 2015.