Deutsche Bank Named Europe’s First Non-Chinese Yuan Clearing Institution
Deutsche Bank has been designated Europe’s first non-Chinese yuan clearing institution, taking the role within CIPS, the PBOC-backed clearing and settlement network for cross-border yuan trades. Authorized to clear yuan across 19 African countries, CIPS uses ISO 20022 messaging and is closely linked with SWIFT. Deutsche Bank has operated as a direct participant since CIPS launched in 2015.