Switzerland and China to Deepen Finance Ties

1 min readUpdated Jun 4, 2025Mar 8, 20216:38 PM

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Despite the increasing discord between China and the U.S., Switzerland wants to further deepen its cooperation in financial matters with the Far East nation.

Swiss Finance Minister Ueli Maurer exchanged views with Chinese Vice Premier Liu He at a virtual ministerial meeting (yesterday) Wednesday, according to a statement from the Federal Department of Finance (FDF). The two politicians each had a high-ranking delegation at their side.

Maurer and Liu He thus developed perspectives on deepening bilateral relations in the areas of stock market trading, sustainable financial services, asset management, and digital central bank money. The central banks of both countries are known to be working on projects for digital central bank money, although the respective approach differs greatly in terms of the user base.

China is working on a digital version of the yuan for everyone (the «retail» version of a digital currency), while the Swiss National Bank (SNB) is evaluating a so-called «wholesale» version, for the time being, a cryptocurrency reserved for the financial market.

The latest meeting followed similar contacts in 2017 and 2019. The governments of Switzerland and China also want to intensify financial market relations in parallel with the existing free trade agreement. In this context, the Swiss financial center envisages using the opening steps in the Chinese financial market for concrete joint projects.

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What this means

Switzerland's push to deepen financial ties with China, focusing on areas like digital currency and asset management, is a shrewd move to capture growth in Asia's largest market. This strategy capitalises on China's opening financial sector, potentially offering Swiss firms a competitive advantage despite US-China tensions. Unlike other nations that might be hesitant, Switzerland, a neutral player, is using its established trade relations and prior engagements in 2017 and 2019. This initiative pressures other European financial centres to re-evaluate their engagement with China. The risk lies in navigating geopolitical complexities while aligning two distinct digital currency approaches. Watch for announcements of specific joint projects or new financial service offerings.

Aiko Tanaka

Questions & Answers

Which specific areas of financial cooperation are Switzerland and China looking to deepen?

Maurer and Liu He discussed deepening bilateral relations in stock market trading, sustainable financial services, asset management, and digital central bank money. This aligns with their governments' desire to intensify financial market ties.

How do China's and Switzerland's approaches to digital central bank money differ?

China is developing a 'retail' version of a digital yuan for widespread public use. In contrast, the Swiss National Bank is evaluating a 'wholesale' version, which would be a cryptocurrency reserved for the financial market.

What is the broader context for this deepening of financial ties between Switzerland and China?

The two governments aim to intensify financial market relations, building on an existing free trade agreement. The Swiss financial centre plans to use China's market opening steps for concrete joint projects.

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