Yuan gaining foothold in Russia

Yuan gaining foothold in Russia - Sber CEO

RT.com
26 May 2023, 15:34 GMT+10

The share of the Chinese currency in transactions will rise tenfold this year, Herman Gref predicts

The Chinese yuan has become a major player in Russia's foreign trade and its share in the country's cross-border settlements is expected to grow tenfold, Herman Gref, the head of Russia's largest state-owned lender, Sber, said on Tuesday.

The share of the yuan in Russia's export settlements jumped from 2% to 18% and in import payments from 5% to 27% over the past year, according to Gref.

Speaking at a Russian-Chinese Business Forum in Shanghai, he highlighted the "significant" interest in national currencies, and in the yuan in particular, among the bank's clients.

"In 2023, we expect a tenfold increase in the number of transactions in yuan compared to last year," he said.

Gref called Beijing's Belt and Road infrastructure and investment project an important model for the development of global infrastructure. He added that Sber, as a systemically important lender in the Russian economy, would be willing to take part in the project.

Two-thirds of current trade between Russia and China is carried out in the national currencies, the yuan and the ruble, according to the Bank of Russia.

The latest trading data shows that almost all of Beijing's purchases of crude oil, gas, coal, and certain metals from Moscow are now settled in yuan.

A shift from the US dollar and euro in international trade has accelerated against the backdrop of sweeping sanctions imposed by Western nations against Russia, which is a major global energy producer and exporter.

The yuan surpassed the dollar to become the most-used currency in China's cross-border transactions in March, according to calculations based on data from the State Administration of Foreign Exchange.

For more stories on economy & finance visit RT's business section

Watch latest videos

News RELEASES

Publish news of your business, community or sports group, personnel appointments, major event and more by submitting a news release to Europe Sun.

More Information

20 ℃

Mostly Cloudy in Istanbul/Ataturk

International

Section

US to get tough as drone disrupts Pittsburgh airport

WASHINGTON D.C.: The Federal Aviation Administration has said that a drone sighting disrupted some flights at Pittsburgh International Airport this ...

New Oregon gun law being challenged in court case

PORTLAND, Oregon: A federal trial has begun in Portland, Oregon examining the constitutionality of a stringent gun control law approved ...

After removing Columbus statue, Philadelphia sued for return

PHILADELPHIA, Pennsylvania: Philadelphia Mayor Jim Kenney and members of the city's historical commission have been sued by a group which ...

Area evacuated as wildfire burns thru Michigan

LANSING, Michigan: Michigan's Department of Natural Resources said by a wildfire in the state has burned through more than 3 ...

Official: airlines industry acting to prevent cancellations

ISTANBUL, Turkey: In an interview with Reuters, Willie Walsh, director-general of the International Air Transport Association, (IATA), said airlines are ...

Protesting Texans send migrants to California

SACRAMENTO, California: Sixteen migrants from Venezuela and Colombia, who had entered the United States through Texas, were transported to California ...