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Deutsche Bank licensed for interbank bond settlement in China鈥檚 mainland
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DEUTSCHE Bank has received an interbank bond settlement agent license from the People’s Bank of China, allowing the German bank to provide end-to-end bond services to local companies on China’s mainland, it said in a statement today.
The Frankfurt-based investment bank has won the green light from the Chinese central bank to offer onshore bond settlement service in the over-the-counter market as well as on-exchange.
The move will help to boost the bank’s onshore yuan business, due to the exposure to a wider range of customers including yuan trade settlement banks, insurance companies, Qualified Foreign Institutional Investors (QFIIs) and Renminbi Qualified Foreign Institutional Investors (RQFIIs), according to the statement.
“Inter-bank trading activities represent more than 94 percent of the bond market in China, so this license brings great potential to our fixed income trading franchise,” said Beng Hong Lee, head of markets at Deutsche Bank China.
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