The People’s Bank of China (PBOC) authorising Deutsche Bank to serve as a renminbi clearing bank in Frankfurt marks a pivotal milestone in the protracted narrative of the currency’s internationalisation. It also carries profound geoeconomic implications that extend far beyond the immediate efficiencies of cross-border payments.By granting this designation to a German institution – the first European lender to receive such a mandate – Beijing has recalibrated the axis of its financial diplomacy,...