The City of Frankfurt is the leading Financial Centre in Germany and Europe, situated in the economic powerhouse Rhine-Main-Region and the State of Hesse.
In July 2013, the Hessian Ministry for Economics, Energy, Transport and Regional Development founded the RMB initiative group, which brings together companies out of the finance and industrial sector, regulators, the German National Bank and Ministry of Finance. The group was founded with the goal of bringing a RMB clearing solution to the Financial Centre Frankfurt. Since November 2014, it has been possible to clear RMB payments directly with China via the RMB Clearing Bank (Frankfurt branch of the Bank of China). In October 2015, the Chinese central bank commenced operation of its new payment system, China International Payment System (CIPS), co-developed by 19 banks, including eight foreign institutions, including Deutsche Bank, Hong Kong and Shanghai Bank (HSBC) and Citibank.
The initiative’s site marketing working group inlcudes many well-known actors from the Frankfurt-Rhine-Main region, including assorted associations, advocacy groups, financiers and academic institutions.