China names Deutsche Bank as RMB clearing bank for Europe

The bank is the first foreign bank in Europe to receive the designation, it said.

Deutsche Bank has been appointed by the People’s Bank of China (PBOC) to serve as the renminbi (RMB) clearing bank for Europe in Frankfurt, Germany.

Deutsche Bank will facilitate direct end-to-end processing, clearing and settlement services for cross-border RMB transactions in European financial institutions and businesses, the bank said in a statement on 11 August 2026.

The bank is reportedly the first foreign bank in Europe to receive the designation.

“Securing RMB clearing capability in Europe reinforces our role as a trusted global clearing partner and our long-standing support for RMB internationalisation,” said Alexander von zur Muehlen, Deutsche Bank’s CEO of Asia Pacific, Europe, Middle East & Africa and Germany.

Deutsche Bank was amongst the first international banks to directly participate in China’s cross-border interbank payment system (CIPS) in 2015.