Deutsche Bank Gets Renminbi Clearing House License from China
Deutsche Bank has been appointed as Europe's first foreign renminbi clearing house by the People's Bank of China, reflecting the steady increase in the yuan's use in global trade. Konrad Haunit, who heads multinational corporate coverage for Asia-Pacific, Middle East and Africa at Deutsche Bank, said that the yuan's wider adoption has grown gradually over the past five years as business models and supply chains have changed.
Haunit noted that clients diversifying operations across the region and beyond have continued to raise their use of the renminbi globally. The appointment is seen as a boost for the bank, supporting the long-term growth of the offshore yuan ecosystem.
When asked whether the yuan could broadly replace the US dollar, Haunit urged caution, indicating that supplanting the dollar is not necessarily a goal of Beijing's.