UBRD, Harbin Bank Sign Trade Financing Agreement

30 January 2017 (15:10)

UrBC, Yekaterinburg, January 30, 2017. The Ural Bank for Reconstruction & Development and Harbin Bank Co Ltd signed a bilateral agreement on trade financing in December 2016; this is part of an earlier cooperation agreement, the bank’s press service reports.

Under the terms of the new contract, both parties promise to finance their customers’ export/import transactions with their Chinese partners. Any currency can be used for the purpose, including the Chinese renminbi and U.S. dollars.

‘Chinese banks are known for their cautiousness and a conservative approach to business. I see an agreement that covers for unlimited funding as our achievement and a sign of acknowledgment and trust in our bank as a reliable partner,’ says UBRD International Business Director Sergei Sisoshvili.

According to Russia’s Federal Customs Service, China-Russia transactions made up 14.1% of all foreign trade turnover in the first ten months of 2016.

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