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Deutsche Bank Says Supply Chains Drive Yuan Strength as It Becomes a Renminbi Clearing Hub

Deutsche Bank logoDeutsche Bank
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A senior Deutsche Bank executive said the global rise of the yuan is being driven by shifting supply chains rather than a campaign against the US dollar. The view follows the bank’s appointment as Europe’s first non-Chinese renminbi clearing house. The change is described as gradual as client operations diversify, increasing renminbi use globally, with the appointment seen as hugely important for the lender.

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