Chinese yuan leads Russian foreign trade currency settlements

Updated: June 16, 2023 Source: Xinhua News Agency
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ST. PETERSBURG, June 16 (Xinhua) -- Over half of Russia's foreign trade currency settlements are conducted in Chinese yuan, Natalia Voevodina, president of Rosbank, said at the St. Petersburg International Economic Forum on Thursday.

She said that Russian businesses primarily use the ruble and yuan in their transactions, with the yuan accounting for more than 50 percent of all currency transactions.

Voevodina said that customers are not actively utilizing a wide range of currencies, as individual payments remain the norm. While the bank offers 12 different currencies for foreign economic settlements, the yuan and ruble are the most commonly used.

She also noted that the bank has been reducing its holdings of dollars and euros due to sanctions, with the ruble gaining prominence. However, the bank has yet to introduce products in other friendly currencies due to the complexities involved in managing and placing those currencies.

Rosbank, a major credit organization in Russia, is a universal bank that provides a full range of financial services to individuals and businesses.

The St. Petersburg International Economic Forum runs from Wednesday to Saturday. 

Editor: Jiang Feifan