The Bank of Russia and the People’s Bank of China discuss domestic currency settlements

Photo: Ekaterina Bykova / shutterrstock

On 15 June 2017, Harbin (China) played host to the ‘Increased Use of National Currencies for Bilateral Settlements’ roundtable, held as part of the 4th China-Russia Expo. The event was organised by the Bank of Russia and the People’s Bank of China.

In the course of the roundtable, representatives and business executives from the two national regulators and commercial banks discussed the current status and prospects for bilateral settlements to be effected in domestic currencies, with a potential action plan to expand this practice in the future. Particular attention was given to trading in the Chinese yuan - Russian ruble currency pair and prospects for yuan-denominated bonds to be issued in the Russian market, as well as issues related to the use of the ruble and the yuan in Russian and Chinese border areas.

15 June 2017