Deutsche Bank appointed as first European Renminbi clearing bank

The People’s Bank of China has appointed Deutsche Bank as the first foreign Renminbi clearing bank in Europe. Based in Frankfurt, the institution will facilitate direct cross-border Yuan payments, providing European companies with more direct access to China’s Cross-Border Interbank Payment System (CIPS).

Previously, Yuan clearing in Europe was handled exclusively by Chinese state-owned banks. By acting as a clearing bank, Deutsche Bank can settle transactions directly in the target market without the need for a chain of intermediary correspondent banks. This process is expected to reduce both the time and the fees associated with Yuan transfers for exporters in the DACH region (Germany, Austria, and Switzerland).

While this move streamlines payment routes, it also increases reliance on Chinese financial infrastructure. The appointment comes as the Yuan’s share of global SWIFT traffic reached 2.74 percent as of February 2026, ranking sixth globally.