Deutsche Bank has rolled out cross-border trade settlement for renminbi (RMB) in response to the growing internationalisation of China’s currency and increasing client demand in China and across Asia.
Deutsche Bank China recently processed its first RMB cross-border trade-related settlement from Beijing to Deutsche Bank Hong Kong. This was followed by Deutsche Bank Shanghai – in conjunction with the Bank’s Singapore office – issuing its first letter of credit denominated in RMB.
Peter Knodt, head of trade finance financial institutions, Deutsche Bank, said: “Deutsche Bank has made a commitment to developing best-in-market processes for RMB settlement for a wide range of trade transactions in Asia as well as across its franchise globally. We are pleased to be one of the few foreign banks to be well placed to meet what we anticipate will be strong demand for cross-border RMB transactions.”
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