Frankfurt aims to become key renminbi center

ECB to sign US$130 billion currency swap with China.

Frankfurt, the German financial capital, intends to become a major offshore renminbi trading hub in Europe as the European Central Bank prepares to sign a swap agreement with the People's Bank of China. Frankfurt Main Finance, a financial association that represents major German banks, said the ECB will sign the currency swap with Beijing.

It said some 10% of Sino-German trade is handled in renminbi. If the agreement pushes through, it will dwarf the US$33 billion agreement recently signed by the Bank of England and PBOC, China’s central bank. Frankfurt Main Finance believes that trading risk and hedging costs will fall significantly if the swap agreement is reached, which could lead to significant renminbi savings and could further boost trade between Germany and China.

Frankfurt, which is home to the ECB, is against rivals such as London, Paris and Zurich to win renminbi business for German financial institutions and exporters as China has been keen to lift the global profile of its currency.

Also Read

Singapore, Japan renew bilateral swap arrangement

China, Thailand ink MOU to enhance local currency use

Since you're here...

...there are many ways you can work with us to advertise your company and connect to your customers. Our team can help you dight and create an advertising campaign, in print and digital, on this website and in print magazine.

We can also organize a real life or digital event for you and find thought leader speakers as well as industry leaders, who could be your potential partners, to join the event. We also run some awards programmes which give you an opportunity to be recognized for your achievements during the year and you can join this as a participant or a sponsor.

Let us help you drive your business forward with a good partnership!

I want to download the media kit

Top News

What is Lorem Ipsum?

What is Lorem Ipsum? Lorem Ipsum is simply dummy text of the printing and typesetting industry. Lorem Ipsum has been the industry's standard dummy text ever since the 1500s, when an unknown printer took a galley of type and scrambled it to make a type specimen book. It has survived not only five centuries, but also the leap into electronic typesetting, remaining essentially unchanged. It was popularised in the 1960s with the release of Letraset sheets containing Lorem Ipsum passages, and more recently with desktop publishing software like Aldus PageMaker including versions of Lorem Ipsum.

Evergreen Group obtains financing license to expand in Malaysia