Yuan gaining foothold in Russia Sber CEO RT Business News
Yuan gaining foothold in Russia Sber CEO
The share of the Chinese currency in transactions will rise tenfold this year, Herman Gref predicts
Getty Images/Peter Dazeley
The Chinese yuan has become a major player in Russias foreign trade and its share in the countrys cross-border settlements is expected to grow tenfold, Herman Gref, the head of Russias largest state-owned lender, Sber, said on Tuesday.
The share of the yuan in Russias 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 banks clients.
In 2023, we expect a tenfold increase in the number of transactions in yuan compared to last year, he said.
Gref called Beijings 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.
Friday, May 26, 2023 at 5:34 am