China's central bank authorizes Deutsche Bank as RMB clearing bank

BEIJING, Aug. 10 (Xinhua) -- The People's Bank of China (PBOC), the country's central bank, announced on Monday that it has decided to authorize Deutsche Bank to serve as the RMB clearing bank in Frankfurt, Germany.

The decision was made in accordance with a memorandum of understanding between the PBOC and the Deutsche Bank, the central bank said.