Luxembourg woos China for yuan business

Grand Duchy sets its sights on being European hub for renminbi trade

Although the renminbi has attracted a host of suitors from across the world, it is banking on a small European nation to boost its global standing as an investment currency.

Move over London, Frankfurt and Paris. The Grand Duchy of Luxembourg, a tiny land-locked Western European nation, seems to be far ahead of others when it comes to attracting renminbi business in Europe, sources say.