Deutsche Bank is the first European financial institution authorized to clear and settle transactions in the Chinese currency. Until now, this service has been provided by branches of Chinese banks – in Switzerland by China Construction Bank.
Deutsche Bank in Frankfurt. (Image: zVg)
Tuesday, 11 August 2026 09:20
A success for Frankfurt as a financial center: Deutsche Bank has been designated by the People's Bank of China, the country's central bank, as the first European bank to act as a renminbi clearing bank, according to an announcement issued on Monday evening.
Clearing in Frankfurt will provide financial institutions and companies with direct and rapid processing, clearing and settlement of cross-border renminbi transactions, helping to strengthen financial links between Europe and China.
