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China just handed Deutsche Bank a bigger role in the renminbi's global rollout. That sounds technical, because it is. But the strategic message is simple: Beijing wants more trade and finance to move through its own currency pipes, not just the dollar's.
Deutsche Bank has been appointed by the People's Bank of China as a renminbi clearing bank in Frankfurt.
That makes the German lender the first European bank to receive the designation. Most offshore renminbi clearing has historically been handled by local branches of China's big state-owned lenders, including Bank of China, ICBC, Bank of Communications and China Construction Bank.
Deutsche said it will provide direct end-to-end processing, clearing and settlement services for cross-border renminbi transactions for European companies and financial institutions.
#tell #beijing
China just handed Deutsche Bank a bigger role in the renminbi's global rollout. That sounds technical, because it is. But the strategic message is simple: Beijing wants more trade and finance to move through its own currency pipes, not just the dollar's.
Deutsche Bank has been appointed by the People's Bank of China as a renminbi clearing bank in Frankfurt.
That makes the German lender the first European bank to receive the designation. Most offshore renminbi clearing has historically been handled by local branches of China's big state-owned lenders, including Bank of China, ICBC, Bank of Communications and China Construction Bank.
Deutsche said it will provide direct end-to-end processing, clearing and settlement services for cross-border renminbi transactions for European companies and financial institutions.
#tell #beijing
3 months ago
