Deutsche Bank named as RMB clearing bank in Frankfurt

China's central bank announced on Monday its decision to authorize Deutsche Bank to serve as a renminbi clearing bank in Frankfurt, Germany, making it the first foreign bank in Europe to receive the designation.

The appointment will enable Deutsche Bank 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 link to China's payment systems.

Deutsche Bank said the appointment will further strengthen RMB clearing infrastructure across Europe, improve the efficiency of RMB flows, and facilitate access to reliable offshore RMB liquidity.

The official designation reinforces the bank's role as a key connector between China and European financial markets, enabling it to deliver highly optimized, direct RMB solutions across payments, liquidity management, trade finance, and investment.

Alexander von zur Muehlen, CEO of Asia Pacific, Europe, Middle East & Africa and Germany at Deutsche Bank, said: "Securing RMB clearing capability in Europe reinforces our role as a trusted global clearing partner and our long-standing support for RMB internationalization. It strengthens China-Europe financial connectivity and enhances our ability to support clients' cross-border trade and investment flows with greater choice and flexibility."

Leo Yin, president of Deutsche Bank (China) Co Ltd, added: "By connecting onshore and offshore RMB ecosystems and expanding RMB use cases across Europe and key trade corridors, we aim to help clients capture new opportunities arising from the evolving RMB landscape."

Deutsche Bank has been deeply engaged in the development of RMB internationalization and was among the first international banks to participate directly in China's Cross-border Interbank Payment System in 2015.

jiangxueqing@chinadaily.com.cn