China Opens Moscow Clearing Bank For Handling Transactions In Yuan

SPUTNIKNEWS – March 27, 2017:  The establishment of a clearing bank in Moscow for handling transactions in Chinese yuan is an important step facilitating more bilateral trade and investment.

Russia and China are developing their economic co-operation with the establishment of a clearing center in Moscow for operations in Chinese yuan.

The Industrial and Commercial Bank of China (ICBC) officially started operating as a Chinese renminbi clearing bank in Russia on Wednesday.

“The launching of renminbi clearing services in Russia will further expand local settlement business and promote financial cooperation between the two countries,” he added, Xinhua reported.

“We discussed the question of trade in gold. The BRICS countries are large economies with large gold reserves and impressive volumes of production and purchase of this precious metal. In China, gold is traded in Shanghai, in Russia, Moscow. Our idea is to create a link between these sites in order to intensify trade between our marketplaces,” Shvetsov said. Link: Read Complete Article

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