On the working meeting with the Governor of the People’s Bank of China

Elvira S. Nabiullina, the Governor of the Bank of Russia, discussed topical issues of financial cooperation between Russia and China with Zhou Xiaochuan, the Governor of the People’s Bank of China, during the working meeting in Beijing.

The parties mentioned an aggressive growth of mutual settlements in national currencies, existing challenges, and further incentives for such settlements. In particular, advancement in negotiating a bilateral agreement on foreign exchange swaps in national currencies that could be signed in the short term was emphasised. The parties also discussed the prospects of Russian investors’ participation in the Chinese domestic renminbi bond market and possible lines of cooperation between national payment systems.

Elvira S. Nabiullina and Zhou Xiaochuan came to a mutual conclusion that the interbank cooperation between Russia and China is on the rise and the central banks are willing to contribute to its further development.

In Shanghai, Elvira S. Nabiullina met Su Ning, the Chairman of the Board of China UnionPay, the Chinese payment system, who told about the origin of the payment system, its current scale, strategy in the international markets of cashless payments and cooperation with other payment systems. Su Ning emphasised that China UnionPay was willing to share with Russian specialists its best practices which could be useful for establishing a national payment system in Russia, and provide necessary advice. A substantial talk was held on specific lines of practical cooperation between China UnionPay and the national payment card system being developed in Russia.

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08.07.2014 00.00.00