On August 10th, the People's Bank of China announced on its website: In accordance with the Memorandum between the People's Bank of China and Deutsche Bundesbank, the People's Bank of China has decided to authorize Deutsche Bank AG to act as the Renminbi Clearing House in Frankfurt.
Deutsche Bank announced this news on the same day, stating that it will serve as a regional hub connecting China’s payment system, providing comprehensive clearing and settlement services for cross-border transactions in Renminbi for European financial institutions and enterprises.
Deutsches Institut Bank is the first bank in Europe to obtain this qualification.
Deutsche Bank Group’s Asia-Pacific, Europe-Africa-Middle East, and German CEO Moo Wenze said, "Obtaining RMB clearing qualifications in Europe further solidifies Deutsche Bank’s position as a reliable global clearing partner. This also confirms our long-term support for the internationalization of the RMB. This important milestone will promote the continuous deepening of financial connectivity between China and Europe, enhancing our ability to serve clients in cross-border trade and investment activities. It will provide global customers with more diverse options and greater flexibility."
Deutsche Bank is the largest bank in Germany and has long been deeply involved in the internationalization of the RMB. It was one of the first international banks to directly connect to the Cross-Border RMB Payment System (CIPS) in 2015.
