Deutsche Bank sees supply chains driving yuan’s rise in global trade
The global rise of the renminbi, the Chinese currency also known as the yuan, is being driven by shifting supply chains rather than a campaign against the US dollar, according to a senior Deutsche Bank executive, following the German lender’s appointment as Europe’s first non-Chinese renminbi clearing house. Konrad Haunit, Deutsche Bank’s head of multinational corporate coverage for Asia-Pacific, Middle East and Africa, said the yuan’s wider use had grown steadily over the past five years. “It’s...
Europe’s first foreign RMB clearer says Chinese firms’ overseas expansion is strengthening the currency’s role in cross-border commerce
The global rise of the renminbi, the Chinese currency also known as the yuan, is being driven by shifting supply chains rather than a campaign against the US dollar, according to a senior Deutsche Bank executive, following the German lender’s appointment as Europe’s first non-Chinese renminbi clearing house.
“It’s been a gradual shift, as business models and supply chains have evolved,” he said. “As our clients diversify their operations across the region and beyond, they have continued to increase their use of renminbi globally.”
Haunit called the appointment “hugely important” for the bank, saying it would support the long-term growth of the offshore yuan ecosystem.
