Deutsche Bank named RMB clearing bank

Deutsche Bank said on Monday it had been named by China as a clearing ​bank for its currency, the renminbi, in a ‌first for a European lender, reports Reuters.

“Deutsche Bank will facilitate 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,” the bank said.

The move gives European businesses and financial institutions direct access to China’s onshore financial system, including capital markets and liquidity infrastructure, streaming cross-border trade and investment flows.