The FINANCIAL — VTB’s Shanghai branch continues to be one of the leading rouble-yuan market makers on the China Foreign Exchange Trade System and to promote national currencies for Russian-Chinese transactions.
As VTB Bank said, in 2012 the bank’s total value of its rouble-yuan transactions topped that of the other three market makers and had the greatest number of trading days in this currency pair on the China Foreign Exchange. Its transactions totalled 3.88 billion yuans, according to the People's Bank of China.
The bank settles transactions in Russian roubles for clients from Russia, the CIS and China. It also provided 705 million roubles worth of rouble-denominated loans to Chinese financial institutions in 2012 and is working to broaden cooperation with Chinese banks, such as Harbin Bank, which operate in border areas.
“In 2013 the Shanghai branch plans to begin conducting crossborder transactions in Chinese yuans,” says Senior Vice President Mikhail Yakunin, head of VTB’s Financial Subsidiaries Division. “Its ambition is to become the leading rouble clearing and transaction bank for Chinese partners and the main yuan clearing and transaction bank for Russian and CIS clients by 2015”.
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