In autumn 2015, the China Construction Bank (CCB) became the first Chinese bank to obtain a Swiss banking licence. The licence allows it to operate as a trading centre for the Chinese currency renminbi. The bank has now celebrated the opening of its first branch in Zurich, reported the Office for Economy and Labour. Thanks to the new branch, Zurich will join London, Frankfurt and Luxembourg as a European hub for offshore renminbi trading. As a consequence, trading with China – one of the world’s biggest exporting countries – will become easier and safer for companies. The Office for Economy and Labour described the establishment of a branch in Zurich by China’s largest bank as a milestone for cantonal location promotion, as well as the Zurich Banking Association and its activities to promote trade relations with China.
The CCB chose the Zurich financial centre as a location due to its solid reputation and good infrastructure. According to the Office for Economy and Labour, two other Chinese banks are in talks with the cantonal location promotion office regarding a possible branch in Zurich.