Deutsche Bank Gets China's Currency Stamp - MobyTHE GISTOur analysts just identified a stock with the potential to be the next Nvidia. WHAT HAPPENEDDeutsche Bank has been appointed by the People's Bank of China as a renminbi clearing bank in Frankfurt. That makes the German lender the first European bank to receive the designation. Most offshore renminbi clearing has historically been handled by local branches of China's big state-owned lenders, including Bank of China, ICBC, Bank of Communications and China Construction Bank. Days later, Standard Bank and ICBC were jointly named as Africa's renminbi clearing bank, covering 19 African countries.