"Deutsche Bank will facilitate direct end-to-end processing, clearing and settlement services for cross-border RMB transactions ​for European financial institutions and businesses, acting as ​a local bridge to China's payment systems," Deutsche ⁠Bank said.

The move gives European businesses and financial ​institutions direct access to China's onshore financial system, ​including capital markets and liquidity infrastructure, streamlining cross-border trade and investment flows.

"It strengthens China-Europe financial connectivity," said Deutsche Bank board ​member Alexander von zur Muehlen.

It is one of ​many initiatives by China to internationalise the yuan, as the currency ‌is ⁠also known, and reduce dependence on a global payment system dominated by the US dollar.

In June, China announced fresh measures to promote the global use of ​the yuan.

Days ​later, Standard Bank ⁠and Industrial and Commercial Bank of China were named jointly as the "Renminbi Clearing ​Bank of Africa," with capacity to clear ​RMB ⁠in 19 African countries.

Earlier on Monday, China's central bank pledged in its five-year plan to keep the yuan ⁠exchange ​rate basically stable and expand ​the use of the currency in international trade and investment.