Deutche Bank I imagine is doing this because a significant fraction of their customers literally want to park their money in yuan?
If it was some rounding error they wouldn’t have bothered spending money to set it up and get all the clearances.
If it was some rounding error they wouldn’t have bothered spending money to set it up and get all the clearances.
(and yes, it does not mean that the US is entirely without options to hinder China trade, just makes things harder. In this case, a lot harder)
Indeed, it also acts as a counter balance/hedge against the US's demands in the future.
The problem for Europe is simply that we need to trade with both sides fairly openly or our entire economic model collapses - We are massively dependent on US technology and Chinese industrial capacity - too dependent frankly.