Xinhua, Beijing :
The internationalization process of China’s currency has made a new stride forward during the ongoing World Economic Forum annual meeting, with Beijing and Bern inking a deal to expand financial cooperation.
Under the agreement, signed Wednesday in the Swiss ski resort of Davos, China gives Switzerland an 8-billion-U.S.-dollar investment quota under its Qualified Foreign Institutional Investor program, and the two sides plan to open a Chinese bank in Zurich for future RMB clearance.
The internationalization process of China’s currency has made a new stride forward during the ongoing World Economic Forum annual meeting, with Beijing and Bern inking a deal to expand financial cooperation.
Under the agreement, signed Wednesday in the Swiss ski resort of Davos, China gives Switzerland an 8-billion-U.S.-dollar investment quota under its Qualified Foreign Institutional Investor program, and the two sides plan to open a Chinese bank in Zurich for future RMB clearance.
