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Designation of Deutsche Bank as yuan-clearing bank in EU adds impetus to broader trade_我的网站
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The designation of Deutsche Bank, a key and influential bank in Europe, to serve as the yuan-clearing bank will greatly facilitate and expand the use of the yuan in the EU market, providing more impetus to broader China-EU economic and trade ties, a Chinese analyst said on Tuesday.
The People's Bank of China (PBC), the central bank, announced on Monday that it had decided to authorize Deutsche Bank to serve as the yuan-clearing bank in Frankfurt, Germany, based on a memorandum of understanding with the Deutsche Bundesbank.
The move came as China-EU trade and economic ties continue to deepen and bilateral trade continues to expand, despite recent restrictions imposed by the European Commission.
In a statement sent to the Global Times on Monday, Deutsche Bank said that following the appointment by the PBC, it will facilitate direct end-to-end processing, clearing and settlement services for cross-border yuan transactions for European financial institutions and businesses, acting as a local bridge to China's payment systems.
Deutsche Bank, a global systemically important bank as well as the world's largest euro-clearing bank, said that it is the first foreign bank in Europe to receive this designation.
"Securing yuan-clearing capability in Europe reinforces our role as a trusted global clearing partner and our long-standing support for yuan internationalization. It strengthens China-Europe financial connectivity and enhances our ability to support clients' cross-border trade and investment flows with greater choice and flexibility," Alexander von zur Muehlen, CEO of Asia Pacific, Europe, Middle East & Africa and Germany at Deutsche Bank, said in the statement.
Xi Junyang, a professor at the Shanghai University of Finance and Economics, told the Global Times on Tuesday that while a number of Chinese banks are already performing yuan-clearing functions in the EU, the addition of Deutsche Bank, with its deep roots in the local market, carries great significance.
"Banks have different client bases, and Deutsche Bank has many European companies as its customers. With the appointment, these market participants enjoy a far greater degree of facilitation and ease in tapping yuan use cases," said the professor.
Companies and financial institutions can also avoid risks of foreign exchange losses as they can now directly choose yuan-euro settlement and bypass the use of a third currency, the expert said, noting that China-EU trade and investment ties will be one step closer with a local clearing bank coming onboard.
Tian Lihui, dean of the Institute of Financial Development at Nankai University, told the Global Times on Tuesday that the latest development, some 12 years after the first-yuan clearing bank form a Chinese bank was set up in Frankfurt, marked a milestone as the yuan-clearing system in Europe has evolved from a model where "Chinese entities handle clearing for Europeans" to one where "Europeans handle yuan-clearing themselves."
The decision by one of Europe's largest domestic banks to integrate into the yuan-clearing system signals that China-Europe financial cooperation is moving beyond the shallow level of facilitating trade settlements into the more substantial level of jointly building financial infrastructure, Tian said.
For both China and Europe, this move represents a mutually beneficial institutional alignment, Tian said. "China gains greater depth in the offshore yuan market, while Europe secures an additional strategic option amid the contest of major currencies."
Brussels has recently been intensifying its use of restrictive trade and regulatory tools across sectors ranging from clean technologies to digital infrastructure and foreign subsidies, with many of these measures seen as directly affecting Chinese firms and adding strain to China-EU economic relations.
However, despite these moves, deepening industrial and supply chain integration and the strong complementarity of the two economies have continued to push bilateral trade to new highs. In the first seven months of 2026, China's total trade with the EU stood at 3.67 trillion yuan ($543.90 billion), up 9.5 percent year-on-year, data from China's General Administration of Customs showed on Friday.
As China-EU economic and trade ties continue to expand and deepen, demand for the yuan to be used in the EU market will rise proportionately, and more EU banks will likely be authorized to serve as yuan-clearing banks, Xi Junyang said.
Financial cooperation between the world's largest trading bloc and the largest trading nation has accelerated in recent months. In May, the PBC renewed and expanded a bilateral currency swap agreement with the National Bank of Serbia, increasing the value of the swap from 1.5 billion yuan to 5 billion yuan.
Almost 80 percent of the surveyed Chinese companies operating in the EU plan to expand their investment, even amid tightening policies in the EU and an increasingly complex business environment, according to a report published by the Chinese Chamber of Commerce to the EU and the China Economic Information Service in March. Fostering cooperation in emerging industries and cross-border finance have been highlighted by industry insiders as new growth drivers of China-EU trade and economic cooperation.
The yuan accounted for 3.1 percent of global payments in June, rising from 2.75 percent in the previous month, and ranking as the fifth most active currency for global payments by value, according to a report from the Society for Worldwide Interbank Financial Telecommunication. In terms of trade finance, the yuan ranked second with a market share of 8 percent.
。 Vice President Kamala Harris has triggered backlash online after seeming to liken the Supreme Court's decision to overturn Roe v. Wade - the landmark 1973 ruling that had legalized abortion nationwide for almost 50 years - to slavery.,“We have to recognize we're a nation that was founded on certain principles that are — that are grounded in the concept of freedom and liberty. We also know that we've had a history in this country of government trying to claim ownership over human bodies. And we had supposedly evolved from that time and that way of thinking. So this is very problematic on so many levels,” Harris said while addressing the crowd at the Essence Festival in New Orleans on Saturday.,Vice President #KamalaHarris speaking on the Supreme Court's Roe V. Wade decision at @Essence Fest.#RoeVWade #essencefestival pic.twitter.com/cfRyj1rywi— Shaquille Omari (@shaq_omari) July 3, 2022,The annual music festival was started in 1995, originally as a one-off event to celebrate the 25th anniversary of Essence, a magazine aimed primarily towards African-American women.,Although Harris did not explicitly reference slavery, she was believed to have been indicating to the United States' grim history of legally enslaving human beings, mainly Africans and African Americans.,“Millions of women in America will go to bed tonight without access to the healthcare and reproductive care that they had this morning… Without access to the same healthcare or reproductive healthcare that their mothers and grandmothers had for 50 years. Today's decision on that theory, then, calls into question other rights that we thought were settled,” the VP added.,VP Kamala Harris Did Not Believe Justices When They Said Roe Was Settled27 June, 23:31 GMT,Her remarks were made after the highest court in the country overturned the 1973 landmark ruling on 24 June that "protects a pregnant woman's liberty to choose to have an abortion without excessive government restriction.”,Users online immediately responded to the Vice President’s remarks, slamming Harris’s stance.,We are now living in the darkest times in America’s history because of the corruption within the treasonous Democrat Party.— Mick McKenzie (@Mick553) July 4, 2022,Hey, Kamala: Slavery happened because elites in power decided a group of people were less than human so they then had the right to own and kill Africans. Today we have a group of elites who see unborn babies as less than human, and you actively fight for the right to kill them.— Rick Yuzzi (@RickYuzzi) July 3, 2022,Who cares what she thinks. She is a disgrace to this nation.— Tony Mallett (@TonyMallett8) July 3, 2022,Did anyone ask her who owns the life of the unborn child?— Mouse That Roared (@MiceThatRoar16) July 3, 2022,Which is ironic because those who support abortion with no limitations claim ownership over the unborn human body as the reason to end its life.— Tamara_swindy (@tamaraswizzle) July 3, 2022,Yup. Because at 6 weeks embryos still have tails. This isn't about saving "babies" at this stage— V. Sears (@Sueshuz) July 3, 2022,Nothing denies a person's humanity like treating them as an inanimate incubator.— kathykattenburg (@kathykattenburg) July 4, 2022,Women Hoarding Birth Control, Abortion Pills After Roe v Wade Overturned, Media Says27 June, 18:18 GMT,Some internet users reminded Kamala Harris of her heritage, as she is the daughter of an Indian-American mother and a Jamaican-American father.,This incredibly entitled person does not want to reflect upon caste systems. She has an unflattering legacy she might have to explain.— SmithWinston1984 (@SmithWinston44) July 4, 2022,Weren't some of them claiming ownership on her father's side of the family?— Suzy Que (@SuzyQue27155082) July 3, 2022,This comes as mass demonstrations have swept the US following the ruling that now grants states the authority to ban or restrict abortions. So-called trigger laws - bans designed to take effect with the overturning of Roe v. Wade – have been rendered enforceable in some states following the US Supreme Court's ruling, while in others, the bans await official action.,Democrat-Aligned Groups Haul $80 Million in Donations in Week Following Roe v. Wade RepealYesterday, 19:30 GMT,Restrictive abortion laws are in effect in at least four states: Arkansas, Missouri, South Dakota and Wisconsin, according to CNN.,Still awaiting state action for the governor to certify the Supreme Court's decision are Wyoming, North Dakota, Idaho, Tennessee and Texas. In over a dozen states, legal fights are underway over abortion bans and limits on the procedure.,In the immediate aftermath of the ruling, Democrats vowed to pass a federal law enshrining the right for abortions should they sweep the midterm November elections.。
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