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Frankfurt RMB clearing hub will significantly benefit mid-size companies says Commerzbank

On Monday 7 July, German Chancellor, Angela Merkel, met with Bank of China President, Chen Siqing, to mark the bank’s official appointment as Frankfurt’s offshore RMB clearing bank.

Ahead of the meeting, Commerzbank’s Global Head of Cash Management and International Business, Frank-Oliver Wolf, said “Frankfurt’s establishment as the Eurozone’s first offshore clearing hub for RMB trade settlement will be a huge boost to European corporates trading with China, especially those that are mid-sized.”

This news was picked up by the following publications: FTSE Global Markets, FX-MM, Trade and Export Finance, GTnews, GTR, Trade Finance, Global Finance & Banking Review.

 

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