OREANDA-NEWS. April 17, 2014. The People’s Bank of China and the Deutsche Bundesbank signed a memorandum of understanding regarding establishing a clearing and settlement arrangement of RMB payments in Frankfurt.

Thereafter, a clearing bank residing in Frankfurt will be designated to provide this service. The two sides will fully consult and cooperate with each other, and carry out relevant business supervision and management, information sharing and exchange, on-going evaluation and policy improvement work.

This clearing arrangement will allow businesses and financial institutions from both countries to settle their cross-border transactions in RMB and further facilitate bilateral trade and investment.