Swiss banks aim to make their country global yuan hub

Geneva

SWITZERLAND'S banking sector, facing the end of the secrecy that was once the bedrock of its business, is turning to China as it seeks new markets for the future.

"One of the first ports that the Swiss financial centre is steering for . . . is the port of China," Claude-Alain Margelisch, chief executive of the Swiss Bankers Association, told reporters this week. "Together with our member banks, we want to make Switzerland an international hub for the renminbi", also known as the yuan.

Switzerland will abandon its long-prized banking secrecy in 2017 when it starts automatically exchanging account details with other countries, and with it goes one of the main attractions of placing money in its banks. For generations, investors have paid Swiss banks high fees to hide their money from tax authorities around the world, providing a lucrative stream of revenue for…