Bank of China Invites German Banks to Clear Yuan in Frankfurt
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Bank of China Ltd. has invited German banks to use its yuan-clearing service and named Deutsche Bank AG as its first client.
“Our doors are open now for German banks,” Bernd Meist, who heads Bank of China’s Frankfurt operations, said at a press conference in the city today after Deutsche Bank announced that it has signed a memorandum of understanding with the Chinese lender. Clearing contracts with other banks are prepared and ready to be approved in the coming weeks, Meist said.