China Expands Economic Influence in Europe's Auto Supply Chain; Deutsche Bank Becomes First European Renminbi Clearing House

Chinese companies have significantly increased their control over Europe's automotive supply chains through investments in over 130 European parts makers, raising concerns among EU policymakers. Concurrently, China's central bank appointed Deutsche Bank as the first European clearing house for renminbi in Frankfurt, a move aimed at increasing the international use of its currency and facilitating China-Europe trade.