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Out of more than 160 currencies worldwide, the Renminbi sees the most growth potential. Hong Huang, CEO of the Luxembourg branch of Bank of China, talks about the prospects for offshore RMB business and what Luxembourg must do in order to benefit from this trend.
LFF: The globalisation of the RMB is a big story. Why now?
HH: The opening up of the RMB market conforms with the trend of global economic and financial development. China’s economic strength has increased, while the traditional U.S. dollar based global monetary system is gradually disintegrating: internationalization of RMB is an inevitable trend.
LFF: Which model has China followed in opening up the RMB market?
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