China is stepping up efforts to expand the renminbi's global footprint by strengthening cross-border payment and offshore clearing infrastructure under a new five-year blueprint, while designating Deutsche Bank as an RMB clearing bank for Europe in Frankfurt.
The People's Bank of China, China's central bank, said on Monday that it recently issued a plan outlining key tasks for its reform and development during the 15th Five-Year Plan (2026-30) period, reiterating the need to advance the internationalization of the renminbi, expand the use of the Chinese currency in international trade, investment and financing, and promote the development of offshore RMB markets.
PBOC also calls for improving a multitiered, comprehensive cross-border payment system involving the RMB — also known as the yuan.
On the same day, the PBOC announced its decision to authorize Deutsche Bank to serve as the renminbi clearing bank in Frankfurt, making it the first foreign bank in Europe to receive the designation.
Deutsche Bank said the appointment will enable it to provide European financial institutions and businesses with direct end-to-end clearing and settlement services for cross-border RMB transactions, serving as a local bridge for China's payment systems.
