​China has authorized Deutsche Bank to clear renminbi transactions in Europe, giving a foreign lender a role previously handled in the region by Chinese banks. The appointment adds Frankfurt to Beijing's effort to build a broader infrastructure for using the yuan in international trade and investment. Highlights Deutsche Bank will clear renminbi transactions from Frankfurt. It is the first foreign institution in Europe to receive the designation. China is widening its overseas yuan network. European companies could gain another route for yuan payments. The designation followed a memorandum of understanding between Deutsche Bank and the People’s Bank of China. Deutsche Bank will conduct renminbi clearing operations from Frankfurt, becoming the first foreign institution in Europe to receive such status, according to a statement from China’s central bank .…