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Deutsche Bank sees supply chains driving yuan’s rise in global trade
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Daisy WuPublished: 9:30am, 9 Sep 2026
The global rise of the renminbi, the Chinese currency also known as the yuan, is being driven by shifting supply chains rather than a campaign against the US dollar, according to a senior Deutsche Bank executive, following the German lender’s appointment as Europe’s first non-Chinese renminbi clearing house.
Konrad Haunit, Deutsche Bank’s head of multinational corporate coverage for Asia-Pacific, Middle East and Africa, said the yuan’s wider use had grown steadily over the past five years.
“It’s been a gradual shift, as business models and supply chains have evolved,” he said. “As our clients diversify their operations across the region and beyond, they have continued to increase their use of renminbi globally.”
His comments follow the People’s Bank of China’s decision last month to name Deutsche Bank Europe’s first foreign yuan clearing bank. The appointment gives the lender direct clearing and settlement capability for cross-border yuan transactions in Frankfurt, adding to its existing offshore yuan operations in Hong Kong, Singapore and London.
Haunit called the appointment “hugely important” for the bank, saying it would support the long-term growth of the offshore yuan ecosystem.
Asked if the yuan could broadly replace the US dollar, Haunit urged caution, noting that supplanting the dollar was not necessarily a goal of Beijing’s.AdvertisementSelect VoiceSelect Speed1xAI-generated voice