SKB-Bank: renminbi/ruble trading opens new prospects

20 December 2010 (09:17)

The Chinese currency can now be traded at Russian stock exchanges; the exchange rate was set at 4.634 RUR: 1 RNB at the close of business on the first day. The trading process lasted for about one hour and resulted in twenty-nine deals worth 22.78m RUR altogether. The Central Bank’s representatives confess these figures exceeded their boldest hopes and signified that the banks’ customers are growing increasingly interested in China’s currency.

‘We used to use the U.S. dollars for Russian-Chinese contract settlements before, which meant the cost of converting rubles and RNBs into dollars added up to the total financial expenses. The opportunity to trade the ruble against the renminbi cuts down on costs of doing business and creates new business transaction advantages. This also means the Chinese currency can be used as a tool for speculation in the future. Finally, private individuals can also convert their rubles directly into RNBs, which is great news for the Chinese citizens who do business in Russia and direct the profits back to their home country,’ says SKB-Bank’s Dealing Director Anton Khavin.

Other materials on the topic::