OREANDA-NEWS. June 10, 2011. Sviaz-Bank began executing transactions in the Chinese currency, reported the press-centre of Sviaz-Bank.      

The Bank’s corporate customers are now offered services such as opening and maintenance of bank accounts, cashless settlement of accounts, including conversion, opening and maintenance of transaction accounts under import and export contracts completed in the Chinese yuan.

“The Chinese currency is the primary concern for Russian companies and investors, and it has a stable exchange rate against other currencies. Some of the Bank’s customers say they want to make settlements in the yuan,” said Olga Oleinik, Vice Chair of the Bank’s Management Board. “This service will be in high demand at Sviaz-Bank’s branches operating in the Siberian and Far Eastern Federal Districts.”