The Industrial and Commercial Bank of China (ICBC) plans to create a yuan cross-border business center in Luxembourg to serve Europe, said the bank on May 28.

ICBC Europe's cross-border trade financing in yuan amounted to 10.8 billion yuan ($1.7 billion) in 2012, and its cross-border transactions reached a total of 25.9 billion yuan ($4.23 billion), according to Xu Zhi, head of ICBC Europe's financial markets department.

During the first four months, ICBC Europe was more dynamic in its yuan business, recording 17.5 billion yuan ($2.86 billion) on the financing of cross-border trade and 16.4 billion yuan ($2.68 billion) on cross-border transactions.

ICBC launched its yuan cross-border business in 2009. Its yuan compensation network now covers nearly 70 countries and regions, and its yuan cross-border business has reached a total amount of 3 trillion yuan ($489.6 billion).