CRI听力:Chinese bank's branch in Switzerland helps promote bilateral trade

The CCB's branch in Switzerland's largest city has been authorized by China's central bank to conduct RMB clearing business.

This was one of the outcomes of the Sino-Swiss free trade agreement signed in 2013, which entered into force in 2014.

The bank is now looking to expand services as bilateral investment has increased steadily.

General Manager Gong Weiyun said the Swiss economy is remarkable.

"For example, it boasts a high-end manufacturing, such as the well-known Swiss watches. It has a well-developed pharmaceutical industry, and some leading companies in the sector are located here. Besides, it is also impressive in terms of precious metals and bulk commodity trading," said Gong Weiyun.

Human resources manager Yanfen Oberholzer-Huang highlighted the importance of unity between Chinese and foreign employees.

"The aim of the CCB to open a branch in Zurich is to realize its localization. To that end, Western employees and Asian employees must communicate smoothly with each other, which is one of the important preconditions. We must work together toward a common goal," said Huang.

As the world's largest offshore financial center, Switzerland manages assets of nearly 5 trillion U.S. dollars with its unique financial system.

Zurich is home to over 100 international financial institutions.

Jurg Hobi, a senior account manager with CCB's Zurich Branch, said the bank attracted a group of local financial professionals to join in.

"It's the first Chinese bank in Switzerland. So it's the first experience you can have after 20 years with American banks and English banks to work for a Chinese bank. That has never happened before. For me, that's a complete new experience in a complete different environment," said Hobi.

Another Chinese national bank will also open an office in the country in 2017.

As of today, China's central bank has authorized another 4 RMB clearing banks in European cities such as London, Frankfurt, Paris and Luxembourg.