China authorized Deutsche Bank as the first non-Chinese lender to settle yuan (CNY) transactions in Europe, expanding its yuan clearing network to support greater offshore use of the currency. The move is incremental for banks and FX clearing volumes but is supportive for yuan internationalization, with limited immediate broad-market impact.
China authorized Deutsche Bank as the first non-Chinese lender to settle yuan (CNY) transactions in Europe, expanding its yuan clearing network to support greater offshore use of the currency. The move is incremental for banks and FX clearing volumes but is supportive for yuan internationalization, with limited immediate broad-market impact.
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