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Deutsche Bank becomes first European renminbi clearing Bank in China
Economy
Deutsche Bank (ETR:DBKGn) announced Monday that China has appointed it as a clearing bank for renminbi transactions, marking the first time a European bank has received such a designation.
The bank will directly process, clear, and settle cross-border renminbi transactions for European financial institutions and companies, serving as a bridge to China's payment systems.
This designation will provide European companies and financial institutions with direct access to China's domestic financial system, including capital markets and liquidity infrastructure, facilitating cross-border trade and investment flows.
"This strengthens the financial ties between China and Europe," said Alexander von zur Mühlen, Member of the Executive Board of Deutsche Bank.
This move is one of a series of measures China is taking to expand the international use of the yuan and reduce its dependence on the US dollar-dominated global payments system.
In June, China unveiled new measures to stimulate the global adoption of the yuan. Shortly thereafter, Standard Bank (JSE:SBKJ) and Industrial and Commercial Bank of China (SS:601398) were jointly appointed as the "RMB Clearing Bank for Africa," with authority to clear yuan in 19 African countries.