Deutsche Bank to Conduct Yuan Clearing in Europe for the First Time

China has officially designated Deutsche Bank as a yuan clearing bank. This is the first time such a status has been granted to a European bank.

With its new status, Deutsche Bank will offer European companies and financial institutions direct processing and settlement of international payments made in yuan. As a result, they will have a more direct connection with China's payment systems and local financial markets.

According to Alexander von zur Mühlen, a member of Deutsche Bank's management board, this step will strengthen financial ties between China and Europe.

The decision is part of China's policy aimed at increasing the use of the yuan in international trade and financial operations. Through this approach, Beijing is seeking to reduce the role of the US dollar in international trade and financial operations.

Source: Investing.com