Chinese bankers teach Moscow how to pay in yuan
On Thursday, representatives
People's Bank of China and Bank Of China reported
in the capital calculation software system
in national currency, which the Chinese regulator
launched on October 8th. this tool
It was designed to increase
share calculations in yuan and rubles between
Moscow and Beijing.
Yesterday at the conference
"RMB internationalization"
representatives of the Bank of Russia offered
join a new security system
international trade in the national
currencies. It is about the China International
payment system CIPS (China
International Payment System), which is to simplify
transactions in yuan. Among the join the program already have
direct participants (19 banks, including Chinese
Citibank branches, Deutsche Bank and HSBC) and partners -
another 176 banks.
Recall that the Russian
authorities have long argued that it is necessary
increase the volume of trading with China
national currencies, but actually increase
share calculations in rubles and yuan is not yet
It managed, and interfere with this as a policy
National Bank of China (all sorts of restrictions
for non-residents in step with the yuan)
and Russian restrictions on
the presence of foreigners in the banking
sector. As a result, between Russia and China in RMB
carried out only about 2% of payments (3.7
billion yuan in trade with the Russian Federation and 1.7 trillion yuan
Bank of China with foreign operations
companies in the domestic currency).
"We can talk
a slight discrepancy between the level of
development of relations between the countries and
settlements in national level
currencies"- cautiously he said yesterday
President of Russia "daughters" Bank
of China Zhao Lyantsze. He also added that
many local businesses are not used
conduct settlements in national currencies,
and, moreover, do not have sufficient
financial instruments to do this. A
some just do not understand how
governed by such calculations, and what is the
They may have a commercial use.
Speaking of China
currency. Here, the Chinese authorities have made huge
work over the past year and a half - they
It managed to raise the yuan in the list of
popular currencies in the SWIFT system in the seventh
place to fourth.
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