The central bank of China has signed a deal with its Swiss counterpart to establish a yuan trading center in Zurich.
People’s Bank of China (PBC) will extend the pilot scheme to offer RMB50bn ($8bn) investment quota to Switzerland under its Qualified Foreign Institutional Investor (QFII) program.
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The arrangement will encourage bilateral cooperation between the two countries yielding closer financial ties between Beijing and Bern and accelerating the establishment of a Zurich offshore RMB market.
The Chinese and Swiss central banks, which signed a bilateral currency swap agreement $24bn worth in July 2014 to provide liquidity support to economic and trade exchanges, will work towards implementing their free trade agreement
China Institute of Contemporary International Relations senior researcher Chen Fengying said: "The China-Switzerland free trade agreement has exemplary effect. It will not only enhance the economic and trade cooperation between the two countries, but also encourage other countries to follow the lead and work together with China for common development."
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