RUSSIAN BANK VTB BEGINS TRANSACTIONS IN CHINESE YUAN
The Unhived Mind
21 May 2014, 17:00
http://voiceofrussia.com/news/2014_05_21/Russian-bank-VTB-begins-transactions-in-yuan-4149/
Russian bank VTB begins transactions in yuan
VTB, the only Russian bank licensed to operate in China, has conducted its first transaction in yuan to the amount of 20 million yuan (110 million rubles) through its Shanghai branch, VTB’s press service reported on Wednesday.
“Trans-border transactions in yuan will enable VTB to expand the range of services it provides to companies engaged in Russian-Chinese trade,” the report says.
VTB clients in Russia will now be able to settle accounts with their Chinese contractors in yuan through their bank accounts with VTB’s Shanghai affiliate and to open bank deposits in China.
VTB clients in China will, for their part, have an opportunity to settle payments in yuan with Russian exporters if the latter have accounts with VTB.