OREANDA-NEWS. The Bank of Russia and the People’s Bank of China signed a memorandum of understanding on establishment a clearing and settlement arrangement of RMB payments in Russia. In the nearest timeframe the People’s Bank of China will choose and designate a clearing bank residing in Moscow in order to provide the RMB clearing and settlement services under the memorandum framework.

The Bank of Russia and the People’s Bank of China will closely cooperate and exchange information on supervisory and regulatory policy, development of arrangements aimed at enlarging mutual cooperation in this sphere.

By signing this memorandum on establishment in Moscow clearing and settlement arrangement the Russian-Chinese cooperation in financial sphere made a rapid step forward and will further facilitate cross-border transactions in RMB between our companies and financial institutions, including bilateral trade and investment.