A success for Frankfurt as a financial center: Deutsche Bank has been designated by the People's Bank of China, the country's central bank, as the first European bank to act as a renminbi clearing bank, according to an announcement issued on Monday evening. «Globally Trusted Clearing Bank»Alexander von zur Mühlen, CEO Asia Pacific, Europe, Middle East & Africa and Germany at Deutsche Bank, commented: «The mandate as a renminbi clearing partner in Europe strengthens our role as a globally trusted clearing bank and underscores our long-standing commitment to the internationalization of the renminbi. In October 2015, China Construction Bank (CCB) received a banking license from the Swiss Financial Market Supervisory Authority (Finma). When CCB's Zurich branch opened in January 2016, numerous prominent representatives of the Swiss financial center and public authorities attended the event. It is not known whether a Swiss bank is also seeking clearing status.