The Swiss RMB hub is now in its 3rd year of operation.
The SCCC will have a look both at the banking side of the RMB hub and at the commercial use of the RMB in the Swiss economy and in trade between Switzerland and China. RMB internationalisation became a major topic for Switzerland with the establishment of the Zurich Branch of the China Construction Bank (CCB) in 2016, the first Chinese Bank offering commercial and trade finance banking services in Switzerland. CCB has been licensed by the People’s Bank of China to clear RMB into Swiss Francs and vice versa. With ICBC, a second Chinese Bank recently received its Swiss Banking Licence, and rumour has it that more Chinese Banks are to come.