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Bank of Russia opens its first representative office abroad

16 March 2017

The representative office of the Bank of Russia in the People’s Republic China (PRC) was opened in Beijing on 16 March.

Russian and Chinese relations have achieved a level of comprehensive and strategic partnership. “Our mutual links have considerably strengthened over past years, and cooperation on financial issues is an integral part thereof,” said Dmitry Skobelkin, Deputy Governor of the Bank of Russia, at the opening ceremony.

“While it is our first overseas representation, the Beijing office of the Bank of Russia is not the first office of a foreign central bank in China, which hosts representatives from 12 various central banks”, said Andrey Denisov, Ambassador Extraordinary and Plenipotentiary of the Russian Federation to the PRC. “The leaders of our countries share a clear vision of the need to enhance Russian and Chinese financial cooperation.”

2016 was a watershed year for the relations between the financial regulators of the two countries. They signed agreements of understanding on anti-money laundering and combating the financing of terrorism, and on creating a settlement and clearing centre for yuan settlements in Russia. The centre will be opened in Moscow on 22 March. Another memorandum of understanding was signed by the Bank of Russia and the China Securities Regulatory Commission. Work is underway to implement the insurance cooperation plan for 2016-2018. In September 2016, the National Payment Card System (NPCS) and UnionPay signed a cooperation agreement on co-badged cards.

“The representative office will become the front office for interaction between financial regulators, it will facilitate more efficient partnership relations, boost joint projects opening up new avenues for cooperation, and help to promptly address any issues that may arise,” stressed Dmitry Skobelkin.

“I am positive that this office will be a starting point for a new stage in the Russian-Chinese partnership,” remarked Yi Gang, First Deputy Governor of the People’s Bank of China.

Vladimir Danilov, an economist and orientalist with vast experience of working in China, was assigned head of the representative office.

The opening ceremony was attended by the heads of core Bank of Russia divisions, regulators of the Chinese financial market, the embassy and trade mission of the Russian Federation in the PRC, the Russian-Chinese Business Council, and representatives of large Russian and Chinese commercial banks and businesses engaged in financial cooperation.