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Comment for the Expert - Buy for RMB

After a long decline in interest in RMB financing, IBC raised 200 million yuan from China Development Bank and is ready to provide them to Russian companies working with China.

Russia and China are starting to move from words to deeds: increasingly, commercial transactions between companies from our countries are served not in dollars, but in national currency. The VTB press service recalls that, according to the statistics of the Central Bank of the Russian Federation, in 2019 the foreign trade settlements of the Russian Federation and China in US dollars were almost halved compared to 2018, a significant proportion of settlements are now carried out in euros and national currencies.

So far, however, nothing has been heard about large public transactions in rubles. But last week, the Moscow Credit Bank (IBC) signed an agreement to raise funds from China Development Bank. According to it, the IBC will receive up to 200 million yuan (a little less than two billion). MKB became the first private bank to manage to implement such a format of the transaction. The bank’s press service explained that the purpose of the agreement was to raise funds to stimulate trade between Russia and China in national currencies. We are talking about a variety of types of financing: procurement of letters of credit, factoring, leasing, replenishment of working capital for companies working with China.

 

You can read the full article at the link – https://expert.ru/expert/2020/25/kupit-za-yuani/

 

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