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Tap here. China just handed Deutsche Bank a bigger role in the renminbi’s global rollout. That sounds technical, because it is.
But the strategic message is simple: Beijing wants more trade and finance to move through its own currency pipes, not just the dollar’s. WHAT HAPPENED Deutsche Bank has been appointed by the People’s Bank of China as a renminbi clearing bank in Frankfurt. That makes the German lender the first European bank to receive the designation.