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The branch of VTB in Shanghai began cross-border settlements in RMB
A branch of VTB Bank in Shanghai, the only Russian bank with a financial license in China, conducted the first cross-border operation in the RMB yuan in the amount of 20 million yuan (over 110 million rubles).
The branch has successfully implemented a number of preparatory measures to obtain permission from the PRC regulatory authorities, including the installation of specialized reporting systems, the modernization of the information technology platform and personnel training, the press service of the branch office of VTB Bank reported.
Until now, the Shanghai branch had the opportunity to make international payments in foreign currency and in rubles. Conducting cross-border operations in RMB will allow VTB to expand the range of services provided for companies participating in Russian-Chinese trade. Now, VTB Bank customers in Russia can make settlements with Chinese counterparties in RMB, using accounts in the Shanghai branch, and also place deposits in the PRC. In turn, VTB customers in China have the opportunity to pay in yuan with Russian exporters who have bank accounts.
Branch of OJSC VTB Bank In Shanghai (China) was established in 2008. The only CIS bank that has a financial license to conduct banking operations in China. Since November 2010 has received the status of a market-maker for a pair of ruble / yuan on the Chinese Foreign Exchange.