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.