Frankfurt Open for Yuan Clearing as Liquidity Rises
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Frankfurt, which is seeking to corner a share of the burgeoning offshore yuan market, has set the ball rolling with the first clearing of transactions in the Chinese currency.
Bank of China Ltd., chosen by the People’s Bank of China in June to clear payments in the euro-area’s financial capital, has spent the last five months building the infrastructure to facilitate settlements before the official start of clearing today. Deutsche Bank AG, Commerzbank AG, DZ Bank AG and Landesbank Hessen-Thueringen Girozentrale have cleared transactions through the Frankfurt hub, according to Bernd Meist, its managing director.