PBoC Names Deutsche Bank as Europe's First Non-Chinese RMB Clearing Bank

The People's Bank of China has appointed Deutsche Bank as a renminbi clearing bank for Europe, the first foreign institution on the continent to receive that status. Deutsche Bank announced the appointment on August 10, 2026. Operating from Frankfurt, it will provide end-to-end processing, clearing, and settlement for cross-border RMB transactions for European clients, a role previously held exclusively by Chinese banks.