Deutsche Bank has announced it is positioning itself as a cross-border trade settlement provider for renminbi (RMB) in response to the growing internationalization of China's currency and increasing client demand in China and across Asia.
Deutsche Bank is fully capable with on the ground competence in China, Hong Kong and Singapore to provide a wide variety of trade finance RMB services and products.
Deutsche Bank China recently processed its first RMB cross-border trade-related settlement from Beijing to Deutsche Bank Hong Kong. This was followed by Deutsche Bank Shanghai - in conjunction with the Bank's Singapore office - issuing its first letter of credit denominated in RMB. Both transactions underline the connectivity across the Bank's trade finance franchise in Asia and its leadership in the Chinese currency.
This expertise has been developed as a result of the Bank's strong market advocacy and close client collaboration in China. Consequently, Deutsche Bank developed its RMB trade finance processing capability within a short timeframe and was quickly able to offer its clients a wide range of services as well as advice on currency settlement.
Peter Knodt, Head of Trade Finance Financial Institutions, Deutsche Bank, commented: "Deutsche Bank has made a commitment to developing best-in-market processes for RMB settlement for a wide range of trade transactions in Asia as well as across its franchise globally. We are pleased to be one of the few foreign banks to be well placed to meet what we anticipate will be strong demand for cross-border RMB transactions."