Deutsche será primeiro banco não chinês a ter ‘clearing’ de yuan

China's state-owned Bank of China has selected Deutsche Bank as the first non-Chinese clearing house for yuan in the European Union, marking another step in the internationalization of the Chinese currency. Traditionally, international transactions denominated in yuan are settled through the subsidiaries of the country's four major banks.

Deutsche Bank asserts its selection stems from its growing involvement in facilitating trade, treasury, and investment activities between China and European Union countries. "This establishes a direct bridge with the Chinese financial system and enhances our capability to support clients involved in trade and investment flows between Europe and China," stated Leo Yin, president of Deutsche Bank in China.

Chinese firms are expected to utilize the new clearing service to reduce exchange rate fluctuations and streamline payments. For Chinese counterparts, this development will simplify financial and commercial operations with Europe without leaving the yuan ecosystem. Deutsche Bank has been integrating China's alternative to SWIFT, the Cross-border Interbank Payment System (CIPS), since its launch in 2015.

The German bank is the most active foreign institution in issuing panda bonds – yuan-denominated securities – according to Bloomberg. With Chinese interest rates at historic lows, yuan resource-raising is on the rise. According to the Financial Times, issuers such as Goldman Sachs, Chubb insurance, and Temasek have expanded their yuan bond issuances.

While the yuan's share in international payments remains small, it grew to 3.1% in June and 8% in trade transactions. Chinese authorities have sought to encourage the yuan's adoption in bilateral transactions with key commercial partners, bypassing SWIFT and the dollar. Recent major currency swaps include five-year renewals with Argentina and Malaysia.