Luxembourg’s CSSF: Europe’s next RMB hub

Author: Gemma Varriale | Published: 18 Oct 2013
  • The director general of Luxembourg’s Commission de Surveillance du Secteur Financier has outlined why Luxembourg is best-placed to be the European hub for China’s renminbi (RMB);
  • He also explained how supervision has changed since the crisis, and why emerging markets should not be seen as competition for more mature economies;
  • During an interview with IFLR, the director general said that separating banks into different entities is not an answer to the right question.

The director general of Luxembourg’s Commission de Surveillance du Secteur Financier Jean Guill, and the Commission’s international affairs counsel Jean-Marc Goy, outline Luxembourg’s future as a regional RMB hub and explain why investors have learned nothing from the last crisis.

Can you tell me more about the government-led initiative to establish Luxembourg as a centre for renminbi?

Guill This seemed like a logical step, considering that China is gradually making its currency...