Bundesbank’s Nagel wants Frankfurt clearing house
Likens expanding Germany-China relationship to widening of Suez Canal
Frankfurt's clearing bank should be expanded to form a clearing house in the future, according to Deutsche Bundesbank executive board member Joachim Nagel, who set out plans for Germany to become a "genuine RMB clearing hub" in the coming years.
Nagel, speaking at the Euro Finance Week, said the decision to appoint the Frankfurt branch of the Bank of China as a clearing bank had benefited the German economy, particularly the small and medium-sized enterprises (SMEs), which can "tap into the
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