The ccp has allowed foreign banks to offer yuan services since before it existed, there isn’t an effective way for them to prevent it and it’s the basis of all that foreign trade they do.

What’s new about this is that a European bank can clear yuan directly without a Chinese bank intermediary. That’s a big deal but duetche isn’t the first foreign bank to do this. Singapore has banks that do this already. And JP Morgan clears directly in the states.