After Deutsche Bank announced on Aug. 10 it was authorized by the People’s Bank of China—China’s central bank—to be an RMB clearing bank in Frankfurt, making it the first in Europe, analysts warned this could give the Chinese communist regime a way into the European-U.S. financial system, raising questions for the global financial system.
Other major European banks could also follow for economic reasons despite the European Union’s de-risking policy from China, as the communist regime pushes for the yuan to go global.
Germany’s largest bank, Deutsche Bank, is the world’s largest euro clearing bank and classified as a Global Systemically Important Bank by the Financial Stability Board….
1st RMB Clearing Bank in Europe Raises Questions for Global Financial System: Analysts
