BOC aims for yuan clearing dominance in Europe

The central bank didn't respond to faxed questions seeking comment on when a clearing bank will be appointed and which bank may be selected.

Bank of China is counting on its experience as the bank chosen to clear offshore yuan trades in Hong Kong and Taiwan.

France leads eurozone in offshore RMB payments

RMB clearing bank in London within sight

So far, only branches of Chinese banks have been appointed as clearing banks in the offshore market. ICBC was appointed to clear trades in the currency in Singapore in February 2013.

The new employees at Bank of China's Frankfurt branch will reinforce the functions of financial institutions, back office, treasury and clearing, from its location in the city's financial district, Li said.

"Some of the people are experts from Bank of China on the mainland or from overseas branches who have experience dealing with offshore renminbi," Li said. Others will be hired locally, he said.

Bank of China also plans to add two new branches in southern Germany to existing subsidiaries in Frankfurt, Dusseldorf, Hamburg and Berlin. An office in Munich with five new employees will be opened this year or next, and a representation in Stuttgart is part of the bank's longer-term plan, he said.

"The new branches will complete our network in Germany and increase our presence," said Li, who said Bank of China clients include Volkswagen AG, Bayerische Motoren Werke AG, Daimler AG and Allianz SE.

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