High-ranking Swiss and Chinese officials, as well as senior bank industry figures, have met to discuss how Switzerland can grab a share of the global trading in the Chinese currency.

In a sign of how countries are battling to win a chunk of international financial business via the Chinese currency, the Swiss finance minister, Eveline Widmer-Schlumpf, and China’s central bank governor, Zhou Xiaochuan, have discussed Swiss plans to become a renminbi hub.

The pair and their officials met in Switzerland late last week. Banking association figures and individuals from the Alpine state’s largest banks also met Chinese counterparts on Friday.

In Zurich, a roundtable meeting was held for industry figures from the banking sector and government officials from the countries. The Swiss Bankers Association and China Banking Association have signed a memorandum of understanding to lay down further collaboration on the issue, according to a statement by the SBA on its website.

The SBA said among the luminaries at the roundtable event, besides Widmer-Schlumpf and Zhou Xiaochuan, were Boris Collardi, chief executive at Julius Baer; Patrick Odier, chairman of the SBA; Thomas Jordan, chairman of the Swiss National Bank; Urs Rohner, chairman of Credit Suisse; Kaspar villager, former chairman of UBS, and Chen Yuannian, Secretary General of the China Banking Association.

“A key issue at the first Chinese-Swiss Financial Round Table was the possibility of Switzerland becoming an international renminbi hub,” the SBA statement said.

“Both the Swiss government and the Swiss banks support this plan. Furthermore, Swiss banks are greatly in favour of a currency agreement (swap line) between the SNB (Swiss National Bank) and the People’s Bank of China, and thus for clearings through a Chinese bank based in Switzerland. Efforts are underway which might eventually lead to the establishment of a renminbi-Swiss franc swap line.

This would greatly facilitate renminbi clearing by a bank located in Switzerland, lowering transaction costs and highlighting Switzerland’s position as a European hub for Chinese and renminbi business,” it continued.

“The attendees made clear that Swiss banks would welcome Chinese banks to Switzerland and that the Swiss authorities would be open to considering possible applications made by Chinese banks,” the statement added.