PBOC and Bundesbank Sign Memorandum, Naming Deutsche Bank as RMB Clearing Bank in Frankfurt
The People's Bank of China and the Deutsche Bundesbank have signed a memorandum authorizing Deutsche Bank AG to serve as the RMB clearing bank in Frankfurt. The move aims to strengthen Sino-German cooperation in cross-border RMB usage and improve clearing arrangements in the Frankfurt region. The decision takes effect immediately, with clearing operations to follow the framework agreement between the two central banks.
According to the memorandum between the People's Bank of China and the Deutsche Bundesbank, the People's Bank of China has decided to authorize Deutsche Bank AG to serve as the RMB clearing bank in Frankfurt. The authorization is intended to further promote cooperation between China and Germany in the cross-border use of the RMB and to improve RMB clearing arrangements in the Frankfurt region. The relevant arrangements take effect from the date of the decision, and specific clearing operations will be conducted in accordance with the framework agreement between the two central banks.