First bank in Europe to receive the designation, strengthening China-Europe financial connectivity
Deutsche Bank announced that it has been appointed by the People’s Bank of China to serve as a Renminbi (RMB) clearing bank for Europe in Frankfurt. 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. Deutsche Bank is the first foreign bank to receive this designation in Europe.
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. It will further strengthen RMB clearing infrastructure across Europe, supporting more efficient RMB flows and facilitating access to reliable offshore RMB liquidity for financial institutions and corporates.
This official designation serves as a key enabler for Deutsche Bank to deliver highly optimised, direct RMB solutions across payments, liquidity management, trade finance, and investment – ultimately offering clients greater transactional speed, reduced counterparty risk, and seamless support for their global business activities.
“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 ,” said Alexander von zur Muehlen, CEO of Asia Pacific, Europe, Middle East & Africa (MEA) and Germany.
As a Global Systemically Important Bank and the world’s largest Euro clearing bank, Deutsche Bank connects clients across markets through its Global Hausbank strategy. With a strong presence in China and deep roots in Europe, the bank supports German and European multinational companies as well as Chinese companies expanding globally, providing comprehensive financial solutions across trade, investment and financing activities.
Leo Yin, President of Deutsche Bank (China) Co., Ltd., added: “Leveraging our deep client base, extensive expertise and integrated capabilities across key offshore RMB centers, 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.”
Deutsche Bank has been deeply engaged in the development of the RMB internationalization and was among the first international banks to participate directly in the Cross-border Interbank Payment System (CIPS) in 2015.
Leveraging its integrated RMB capabilities across China and key offshore RMB centers, as well as its extensive correspondent banking network serving thousands of financial institutions globally, Deutsche Bank is a key partner bridging China and Europe across trade and investment.
