1. With the gradual opening of China's capital account, the development of different RMB products will be crucial for the further circulation of the renminbi. Jane Jiang, Partner and Head of the PRC Regulatory group, Allen & Overy, Beijing, gives her view on the opportunities available and why she believes Luxembourg has a competitive advantage over other jurisdictions.

    "When I am sitting in China I can feel there is a sea change of the regulatory landscape. Now there is nothing preventing you from putting a proposal in front of the supervisor and and saying this is what I want, this is what the market wants, and what do you think. It is now very likely you are going to get it if it is a reasonable proposal ", points out Jiang.

    "Every offshore Renminbi hub is now looking for its competitive advantage. To me, it's very clear that Luxembourg has two distinct advantages, and the first is its tradition in the cross-border distribution of funds, especially in the European market. I think it presents itself as a Springboard to a lot of the Chinese asset managers as access to the European market. The second advantage is the open-mindedness of the people in Luxembourg. I think it is probably derived from the fact that they do a lot of cross-border and international business but that factor is going to put them in competitive advantage because Chinese asset managers will like to cooperate with this kind of mindset. "

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  2. Frederic Neumann, Co-Head of Asian Economics, and Managing Director, HSBC Hong Kong gives his outlook on China´s growth slowdown and explains why Luxembourg is in a unique position to build on its historic relationship with China.

    "We´re relatively optimistic. We think China can manage its challenges. You may see six to seven per cent growth in years to come, but that is really only if China pursues the reforms. If they do not reform as required then growth may slow to two or three per cent, but we think that China really has the motivation to deliver structural reforms to maintain growth", points out Neumann.

    "There´s already quite a lot of large transaction volumes in Luxembourg. All the big Chinese banks are present here, and Luxembourg has always been very nimble when it comes to financial policies", Neumann adds.

    "I think what Luxembourg brings to the table is a large sophisticated financial sector and that´s what the Chinese respect. The Bank of China, for example, has been present in Luxembourg for decades, and so there has been a long-running relationship and I think Luxembourg is in a unique position to build on that existing relationship that other countries do not necessarily have."

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  4. Welcome address by Nicolas Macel, CEO, Luxembourg for Finance
    "The Internationalisation of the Renminbi" by HE Zeng Xianqi, Ambassador of the People´s Republic of China Luxembourg
    Keynote speech by HE Pierre Gramegna, Minister of Finance, Luxembourg
    Panel 1: China´s economy and its importance on a global stage.
    Panelists:
    Margit Molnar, Co-head of Asian Economics, Managing Director, HSBC Hong Kong
    Frederic Neumann, Co-head of Asian Economics, Managing Director, HSBC Hong Kong
    Jorg Wuttke, President, EU Chamber of Commerce in China, Beijing

    Panel 2: Financial Reform in China
    Moderator: David Schlesinger, Chairman, International Advisory Board, VitalBriefing, Hong Kong
    Panelists:
    Joost Lobler, Director, Institutions & Intermediaries, Transaction Banking North East Asia and Greater China, Standard Chartered Bank, Hong Kong
    Andrew Malcolm, Partner, Head of Capital Markets Asia, Linklaters, Hong Kong
    David Marsh, Managing Director and Co-Founder, Official Monetary and Financial Institutions Forum (OMFIF), London
    Richard Tang, CEO, ICBC Crédit Suisse Asset Management, Hong Kong

    # vimeo.com/130538799 Uploaded 163 Plays 0 Comments
  5. Panel 3: Role of international Renminbi Hubs
    Moderator: Philip Blenkinsop, Chief Correspondent, Reuters, Brussels
    Panelists:
    Janet Ecker, President and CEO, Toronto Financial Services Alliance
    Sophie Leung, HKSAR Deputy, 12th National People´s Congress, PRC (2013-17), Hong Kong
    Nicolas Mackel, CEO, Luxembourg for Finance
    Heinrich Siegmann, Senior International Advisor, SwissBanking, Basel
    Leng Yeng Thong, Chief Representative, London Representative Office, Monetary Authority of Singapore

    Panel 4: RMB Clearing activities around the world
    Moderator: Philip Stafford, Editor, FT Trading Room, London
    Panelists:
    Dr Cao Yuanzheng, Chief Economist, Bank of China Group, Beijing
    Fei Chen, General Manager, ICBC Frankfurt Branch
    Berthold Kracke, Member of Executive Board, Clearstream Banking, Frankfurt
    Antonio Rodriguez, Risk Manager, China Construction Bank (Europe), Luxembourg

    # vimeo.com/130543538 Uploaded 83 Plays 0 Comments

The Luxembourg Renminbi Forum 2015

Luxembourg For Finance Business

International leaders from government and industry gathered today at the Renminbi Forum held in Luxembourg to discuss the rising internationalisation of the RMB.

Luxembourg's Minister of Finance, Pierre Gramegna, and HE Zeng Xianqi, Ambassador of the…


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International leaders from government and industry gathered today at the Renminbi Forum held in Luxembourg to discuss the rising internationalisation of the RMB.

Luxembourg's Minister of Finance, Pierre Gramegna, and HE Zeng Xianqi, Ambassador of the People’s Republic of China to Luxembourg opened the conference that was attended by over 400 international experts and practitioners.

The Forum addressed China’s economy and its importance on a global stage, financial reform in China, the role of international RMB hubs, RMB clearing activities, RMB financial products and the structuring of RMB funds.

If you missed the Forum, you can watch the conference in full on the Luxembourg Renminbi Forum 2015 Vimeo Channel.

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