RT.com
26 May 2023, 16:13 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
(RT.com)
Get a daily dose of Japan Herald 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 Japan Herald.
More InformationBEIJING, China: In a new sign of strain between the United States and China, Beijing has rejected a request from ...
TOKYO, Japan: After coming under public criticism for using Japanese Prime Minister Fumio Kishida's residence for a private party, his ...
WASHINGTON D.C.: The U.S. Commerce Department has said that trade ministers from 14 countries have taken part in the US-led ...
DETROIT, Michigan: Amid broader global concerns over semiconductor chip supplies, sanctions and national security, Chinese commerce minister Wang Wentao said ...
Tokyo [Japan], June 3 (ANI): Japanese PM Fumio Kishida on Saturday said that he is "saddened" over the loss of ...
New Delhi [India], June 3 (ANI): The Indian Junior Women's Hockey Team kicked off their Women's Junior Asia Cup 2023 ...
MIAMI, Florida: Carnival Cruise Lines has said a cruise ship, the Carnival Sunshine, which sailed through rough seas off the ...
BEIJING, China: On his return to China after a three year absence, which is his company's largest production hub, Tesla ...
NEW YORK, New York - U.S. stocks surged on Friday on the debt ceiling resolution and a strong jobs report.Nonfarm ...
SANTA CLARA, California: As investors piled more capital into Nvidia, the chipmaker that has become one of the biggest winners ...
PARIS, France: France has celebrated the groundbreaking for the first of four battery manufacturing gigafactories, which European and Asian companies ...
DUBLIN, Ireland: Ireland saw a 20.0 percent increase in people arriving from overseas in April 2023, compared to April 2022, ...