Deutsche Bank announced on August 10 that it has been authorized by the People’s Bank of China (PBOC) to serve as the RMB clearing bank in Frankfurt, making it a regional hub connecting European financial institutions and companies to China’s payment system. The bank will provide end-to-end clearing and settlement services for cross-border RMB transactions.
Deutsche Bank is reportedly the first European bank to receive the designation. As a globally systemically important bank and one of the world’s largest euro-clearing banks, Deutsche Bank has long supported trade and investment between China and Europe, serving German and European multinational companies as well as Chinese companies expanding overseas.
The appointment underscores Beijing’s continued efforts to promote RMB internationalization and expand the currency’s role in cross-border trade and finance. Deutsche Bank China President Yin Zhen said the bank will develop more efficient RMB clearing channels and expand offshore RMB products and services to facilitate China-Europe trade and investment. Deutsche Bank was also among the first international banks to connect directly to China’s Cross-Border Interbank Payment System (CIPS) in 2015.
Source: East Money, August 12, 2026
https://finance.eastmoney.com/a/202608123839482197.html