[Photo/english.gov.cn]

China welcomes Switzerland’s involvement in the internationalization of the yuan, and will support the establishment of the Zurich offshore renminbi market, Premier Li Keqiang said.

He made the remarks during a meeting with Simonetta Sommaruga, president of the Swiss Confederation, in Davos, on Jan 21.

The Premier also said he hopes Chinese banks could be facilitated in opening branches in Switzerland, and China will give Switzerland an investment quota of 50 billion yuan ($8.05 billion) under its Qualified Foreign Institutional Investors program.

After the talks, the two leaders also witnessed the signing of a memorandum of cooperation between the Chinese and the Swiss central banks.

The financial sector will play a key role in cooperation between the countries and the deal marks an important step which will facilitate cross-border transactions using the renminbi, making trade and investment easier.