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Harbin Bank to start yuan business for Sino-Russia trade

Updated : 2014-12-12

By Pan Qi ( chinadaily.com.cn )

Chinese yuan will be available for transaction in the Sino-Russia trade for customers of Harbin Bank, Harbin Daily reported on Dec 11.

According to an agreement reached with the Savings Bank of Russia (Sberbank) during the Asia-Pacific Economic Cooperation Summit (Nov 5-11), Harbin Bank plans to start an inter-bank lending business with Sberbank.

The lending business allows Russian businessmen to borrow Chinese yuan from Harbin Bank according to their needs. With more and more Russians choosing Chinese yuan, it will be used like the US dollar and Russian ruble in Sino-Russia trade in the near future.

"Our bank will offer a large amount of financing services for customers of Sberbank. I believe the Chinese yuan will be popular in Sino-Russia trade, and Harbin Bank will be the first choice of people involved in the Sino-Russia business," said Li Tian, product manager in the international business department of Harbin Bank.