BoC branch open­ing in Aus­tria marks stronger eco­nomic ties

The Pak Banker - - COMPANIES/BOSS -

The open­ing of the first Bank of China branch in Aus­tria rep­re­sents an im­por­tant link be­tween the Aus­trian and Chi­nese economies as well as be­tween China and the Eu­ro­zone, the head of the Aus­trian cen­tral bank said on Tues­day.

Gov­er­nor of the Na­tional Bank of Aus­tria (OeNB) Ewald Nowotny said at the open­ing cer­e­mony of the Bank of China branch that the event shows the in­ten­tions of both sides to strengthen and ex­pand ties on all lev­els. Nowotny said a re­cent visit to China had shown him the im­por­tant role of the Bank of China first-hand. As di­rect in­vest­ments from Chi­nese com­pa­nies in Europe in­creases, he said co­op­er­a­tion be­tween the two coun­tries is be­com­ing in­creas­ingly im­por­tant for Aus­tria.

An agree­ment had been made with the Peo­ple's Bank of China and the OeNB to make pos­si­ble ren­min­bide­nom­i­nated in­vest­ments in Aus­tria. The OeNB is the first non-Asian cen­tral bank to have such an agree­ment with the Chi­nese cen­tral bank.

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