Swiss RMB Hub Dream Unfazed By Currency Scare

Swiss RMB Hub Dream Unfazed By Currency Scare by Matthew Allen, By Matthew Allen, swisssinfo.ch

Swiss analysts are taking a positive view of the recent renminbi devaluation. The recent fluctuations of the Chinese currency and stock market volatility have not dampened Switzerland’s dream of becoming a renminbi trading hub.

Some politicians in the United States lashed out at Beijing for the People’s Bank of China’s decision to let the currency devalue by 1.9% on August 12 – the largest single day slide in decades. But for Swiss observers, it demonstrated China’s commitment to freeing up the currency to market forces.

Whilst only a small step in this direction, it was also viewed as significant moment by Cédric Tille, professor...