BCL Circular 2015/238 of 12 January 2015 — Introduction of Information Collection on RMB-Denominated Operations

BCL
BANQUE CENTRALE DU LUXEMBOURG
EUROSYSTEM

Luxembourg, 12 January 2015

To all credit institutions

BCL CIRCULAR 2015/238

Introduction of Information Collection on RMB-Denominated Operations

Dear Sir, Dear Madam,

On 28 June 2014, the Governors of the Central Bank of Luxembourg (BCL) and the People's Bank of China (PBoC) signed a "Memorandum of Understanding (MoU)" aimed at establishing cooperation between the two institutions regarding oversight, information exchange, and assessment concerning the Renminbi (CNY) market.

In this same context, on 16 September 2014, the PBoC designated the Luxembourg branch of the Industrial and Commercial Bank of China (ICBC) as the RMB clearing bank in Luxembourg.

In accordance with the announcement made during the signing of the Memorandum of Understanding, the BCL will monitor the RMB market in Luxembourg and share data deemed relevant with the PBoC. In order for the BCL to be able to track the developments of this market and proceed with information exchange with the PBoC, it is imperative that it has access to a comprehensive set of statistical information regarding

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BCL
BANQUE CENTRALE DU LUXEMBOURG
EUROSYSTEM

the use of the Renminbi on the financial market by Luxembourgish and foreign actors.

The information concerned essentially comprises data on credits, deposits, and securities denominated in Renminbi, as well as on purchase and sale operations of Renminbi carried out with resident and non-resident actors. In this regard, it should be specified that some of the information requested by the PBoC is already available to the BCL. Nevertheless, other required information is either available with insufficient frequency and/or level of detail, or is unavailable.

Thus, the BCL Management has voted in favor of implementing the collection of missing and/or insufficiently detailed information to satisfy the requests of the PBoC. Since the monthly "Security by Security" collection is sufficiently detailed to provide all the information requested on securities denominated in Renminbi and/or issued by Chinese actors, the new information collection must essentially allow for better tracking of the evolution of credits and deposits denominated in Renminbi held at banks.

Since this involves a limited number of specific pieces of information and given the opinion of the Consultative Commission for Banking and Monetary Statistics, it has been decided to develop a dedicated statistical report rather than integrating the new information needs into the existing statistical collection. Thus, the additional information collection on credits and deposits denominated in CNY will be implemented via the S 1.9 report "Information on CNY Operations".

All instructions are detailed in the following documents:

• Reporting Instructions for the S 1.9 report "Information on CNY Operations"
• S 1.9 report "Information on CNY Operations"
• S 1.9 report "Information on CNY Operations" Validation Rules Collection
• S 1.9 report "Information on CNY Operations" Electronic Transmission Manual

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BCL
BANQUE CENTRALE DU LUXEMBOURG
EUROSYSTEM

These documents are available on the BCL website and can therefore be downloaded from the link:
http://www.bcl.lu/en/reporting/Credit_Institutions/index.html

These changes must be implemented starting from the June 2015 reporting period. The data must mandatorily be submitted based on the S 1.9 report "Information on CNY Operations".

It is understood, however, that banks capable of submitting the S 1.9 report before June 2015 may do so before that date.

For any information regarding the application of this circular, please contact the Banking and Monetary Statistics Section directly (email: reporting.banques@bcl.lu).

Please accept, Ladies and Gentlemen, the assurance of our perfect consideration.

CENTRAL BANK OF LUXEMBOURG
The Management

Pierre Beck
Director

Serge Kolb
Director

Gaston Reinesch
General Director

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