RT.com
26 May 2023, 11:04 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
Get a daily dose of China National News news through our daily email, its complimentary and keeps you fully up to date with world and business news as well.
Publish news of your business, community or sports group, personnel appointments, major event and more by submitting a news release to China National News.
More InformationNEW YORK, New York - Global stock indices closed with divergent performances on Tuesday, as investors weighed corporate earnings, central...
TORONTO, Canada: Canadian Prime Minister Mark Carney announced late on June 29 that trade negotiations with the U.S. have recommenced...
Vancouver, Canada: A high-stakes legal showdown is brewing in the world of athleisure. Lululemon, the Canadian brand known for its...
LONDON, U.K.: British oil giant Shell has denied reports that it is in talks to acquire rival oil company BP. The Wall Street Journal...
NEW YORK, New York - U.S. stock markets closed firmly in positive territory to start the week Monday, with the S&P 500 and Dow Jones...
WASHINGTON, D.C.: On Friday, President Donald Trump announced that he was halting trade discussions with Canada due to its decision...
BEIJING, China: China's national soccer team may struggle to stir excitement, but its humanoid robots are drawing cheers — and not...
]LONDON, U.K.: A World Health Organization (WHO) expert group investigating the origins of the COVID-19 pandemic released its final...
FRANKFURT, Germany: Germany has become the latest country to challenge Chinese AI firm DeepSeek over its data practices, as pressure...
SYDNEY, NSW, Australia - , Australian Federal Police (AFP) have shut down a secret drug lab in Sydney's west and seized more than 100kg...
(New York) - China's government has erased Hong Kong's freedoms since imposing the draconian National Security Law on June 30, 2020,...
Leh (Ladakh) [India], July 2 (ANI): GOC Trishul Division's Galwan Cycling Expedition team covered a distance of 312 km from Nyoma to...