It was not for nothing that the first renminbi clearing hub located outside Asia was established in Frankfurt. Since 2014, it has been possible to settle renminbi-denominated payments via the Frankfurt branch of the People's Bank of China.
This service provides attractive opportunities for small and medium-sized enterprises, for instance, to establish and expand business 2/3  BIS central bankers' speeches  relationships with Chinese enterprises while at the same time settling payments with China within their own local time zone and jurisdiction. The China Europe International Exchange, or CEINEX, is another collaborative initiative.