- Commerzbank signed an agreement with Bank of China in Frankfurt regarding the direct settlement of renminbi payments in the financial hub Frankfurt.
- The Frankfurt Renminbi Clearing Centre will be launched on 17 November which will enable Commerzbank to offer its corporate clients a new way of making Chinese currency payments directly to the Chinese mainland without channeling them via Hong Kong.
- Commerzbank settles around a third of all Germany s foreign trade. Trade with China is reported to be about EUR 86.5bn in the first seven months of this year (up 7.5% on the previous year; full-year 2013: EUR 140.6bn).
The material has been provided by InstaForex Company – www.instaforex.com