Swiss Fall Behind In Race To Become Renminbi Trading Hub, swissinfo.ch
At first glance, Switzerland’s financial and commodity trading expertise plus strong political and economic ties to China make it an ideal trading hub for the renminbi. Yet it is losing out to competing countries such as Luxembourg.
Despite making some headway in the past 12 months, Switzerland’s relative lack of progress has caused frustration in some quarters.
“In Switzerland, there is a lot of talk about the renminbi, but nothing happens,” Michel Wohl, former head of Banque Internationale à Luxembourg, complained at a recent Foreign Banks in Switzerland Association (AFBS) press meeting.
Wohl said the Swiss finance sector was living in the past and accused of it of “arrogance”. He...
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