China · Nation Thailand
Deutsche Bank named first European renminbi clearing bank
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China is taking another step towards expanding the renminbi’s global role after the People’s Bank of China appointed Deutsche Bank as a renminbi clearing bank in Europe.
Key facts
- The appointment makes Deutsche Bank the first European financial institution to receive the role, marking a significant development in financial links between China and Europe.
- In June, it appointed Standard Bank and the Industrial and Commercial Bank of China as joint renminbi clearing banks for Africa, covering transactions across 19 countries.
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- It will allow renminbi transactions to be processed and settled without having to pass directly through banks in mainland China.
Summary
The appointment makes Deutsche Bank the first European financial institution to receive the role, marking a significant development in financial links between China and Europe.
It will allow renminbi transactions to be processed and settled without having to pass directly through banks in mainland China.