(13 August 2026 – Germany) Deutsche Bank has been appointed by the People’s Bank of China (PBoC) to serve as a Renminbi (RMB) clearing bank for Europe in Frankfurt, the first foreign bank in Europe to receive the designation.
The move strengthens China-Europe financial connectivity by facilitating direct end-to-end processing, clearing and settlement services for cross-border RMB transactions for European financial institutions and businesses, acting as a local bridge to China’s payment systems.
It further enhances RMB clearing infrastructure across Europe, supporting more efficient RMB flows and facilitating access to reliable offshore RMB liquidity for financial institutions and corporates.
The appointment reinforces Deutsche Bank’s role as a key connector between China and European financial markets, building upon Frankfurt’s position as a global financial hub.
Deutsche Bank has been deeply engaged in the development of RMB internationalisation and was among the first international banks to participate directly in the Cross Border Interbank Payment System (CIPS) in 2015.
The PBoC has committed to supporting greater financing in RMB by international entities as a key driver for hastening the pace of RMB internationalisation as the RMB strengthened sharply earlier this year amid growing concerns about US Dollar debasement.
“Securing RMB clearing capability in Europe reinforces our role as a trusted global clearing partner and our long-standing support for RMB internationalisation. It strengthens China-Europe financial connectivity and enhances our ability to support clients cross border trade and investment flows with greater choice and flexibility” commented Deutsche Bank CEO of Asia Pacific, Europe, Middle East & Africa (MEA) and Germany, Alexander von zur Muehlen.
“Leveraging our deep client base, extensive expertise and integrated capabilities across key offshore RMB centres, including Frankfurt, London, Singapore and Hong Kong, together with our proven operational experience and continuously enhanced technology platforms, we are well positioned to provide efficient and comprehensive RMB solutions for corporate and financial institutions. 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” stated Deutsche Bank China President, Leo Yin.