CHINA- Swiss FINANCE

China's Foreign Trade (English) - - Focus -

Q5: Switzer­land and China have es­tab­lished sound bi lat­eral re­lat ion­ships in the fi­nan­cial sec­tor. Could you please in­tro­duce to us the lat­est de­vel­op­ments made by the two countr ies in fi­nan­cial co­op­er­a­tion? How can the two coun­tries achieve fi­nan­cial con­nec­tiv­ity in the fu­ture?

Jean- Jac­ques de Dardel : Switzer­land is cur­rently po­si­tion­ing it­self as one of the lead­ing cen­ters for the in­ter­na­tion­al­iza­tion of the RMB in Europe. More than one year ago, China Con­struc­tion Bank’s Zurich branch was ap­proved to clear Ren­minbi trades. Other Chi­nese banks are look­ing to en­ter the Swiss mar­ket fol­low­ing CCB’S move. Cur­rently, Switzer­land is ranked third in for­eign fi­nan­cial cen­ters trad­ing the Chi­nese cur­rency, only be­hind Lon­don and Frank­furt.

In April, a high- level Swiss del­e­ga­tion led by Fed­eral Coun­cil­lor Ueli Mau­rer, Head of Swiss Depart­ment of Fi­nan­cial Af­fairs, ac­com­pa­nied by rep­re­sen­ta­tives from the Swiss bank­ing, in­sur­ance and finance sec­tor, vis­ited China. More than 30 bi­lat­eral meet­ings and sev­eral pro­mo­tional events were held with Chi­nese min­is­ters and au­thor­i­ties, state in­sti­tu­tions and fi­nan­cial cen­ter stake­hold­ers.

The talks fo­cused on bi­lat­eral and mul­ti­lat­eral is­sues, and con­crete co­op­er­a­tion at the state and pri­vate sec­tor lev­els. Ei­ther the con­tin­ued will­ing­ness to co­op­er­ate was re­it­er­ated or ideas and im­pe­tus for new projects and/or con­crete progress were achieved in ar­eas of reg­u­la­tions, po­si­tion­ing in mul­ti­lat­eral bod­ies, mar­ket ac­cess, in­vest­ment and in­fra­struc­ture projects and Fin­tech.

The lat­est in­stall­ment of talks be­tween China and Switzer­land deep­ened re­la­tions be­tween the two coun­tries. Switzer­land’s Free Trade Agree­ment with China came into force three years ago, and the fi­nan­cial en­ti­ties are look­ing to do more busi­ness with China. Q6: China has es­tab­lished off­shore RMB mar­ket in Swi tzer­land. What is your com­ment on the in­ter­nal­iza­tion of RMB? What in­flu­ences will it bring to the world?

Jean-jac­ques de Dardel: Zurich and Geneva are among the most im­por­tant in­ter­na­tional fi­nan­cial cen­ters in Europe be­sides Lon­don. Switzer­land and China have in­ten­si­fied their fi­nan­cial co­op­er­a­tion con­sid­er­ably in re­cent years and plan to fur­ther progress their col­lab­o­ra­tion go­ing for­ward. The Swiss Fi­nan­cial Cen­ter is very well-po­si­tioned to serve clients in Switzer­land and around the world with RMB prod­ucts and ser­vices, and our coun­try is very well equipped to tap the po­ten­tial of the grow­ing RMB busi­ness. China-swiss co­op­er­a­tion in the off­shore RMB busi­ness will re­main sub­ject to fur­ther fruit­ful stim­u­lus in the near fu­ture.

It is al­ready vis­i­ble that the in­ter­na­tion­al­iza­tion of the RMB brings in­ter­est­ing new op­por­tu­ni­ties to the Chi­nese mar­ket in sup­port­ing Chi­nese trades as well as the in­ter­nal­iza­tion of the Chi­nese cross bor­der fi­nan­cial s e r v ic e s . RMB a l s o p r o v ide s di­ver­si­fi­ca­tion in terms of a re­serve cur­rency for cen­tral banks around the world.

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