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1st LD: China offers Switzerland 8-bln-USD QFII quota

Xinhua, January 22, 2015 Adjust font size:

China has agreed to give Switzerland an 8-billion-U.S.-dollar investment quota under its Qualified Foreign Institutional Investor (QFII) program.

The agreement is part of a memorandum of understanding signed by the central banks of the two countries here on Wednesday, which also includes a plan -- pending regulators' approval -- to set up the first branch of a Chinese bank in the Swiss financial hub of Zurich for future RMB clearance.

The deal is set to materialize Beijing and Bern's pledge for closer financial ties and accelerate the establishment of a Zurich offshore RMB market, which will mark a crucial step in the internationalization of the RMB, especially in Europe. Endi