Sberbank to launch yuan deposit accounts as Sino-Russian trade grows

Russian women shopping in China

Russian women shopping in China

Sberbank, Russia’s largest bank is planning to test the viability of yuan deposit accounts for its Far East retail customers next year, the Vladivostok-based Zoloty Rog business publication reported this week.“We’ll initially focus on deposits,” Sberbank Chief Executive German Gref is reported as saying. “Demand for loans is very small.”
Bilateral trade between Russia and China 2003-2014His announcement follows the IMF’s decision to add the yuan to its reserve currency basket, and is also response to the growing volume of Sino-Russian bilateral trade that is particularly strong in the border provinces and regions. According to the Russia-China Investment Fund, this had grown from $15.8bn in 2003 to $65.3bn by 2014.

Source: rbth