Russia and China will achieve progress in developing finance
cooperation and establish a basis for expanding payments in national
currencies, Chinese co-chair of the sub-commission for finance
cooperation between the two countries, deputy head of the Chinese
People"s Bank Ma Delun said, RIA Novosti reports.
Ma Delun said that trading with yuan and rubles that started on
November 22 at the Chinese inter-bank currency market is success
achieved by authorities of both countries.
This allows to reduce conversion expenses and currency risks for
commercial banks and enterprises, he said.
The 15th regular meeting between the heads of governments of Russia
and China last week has long-term benefits for the Russian-Chinese
trade-economic agreement signed in 1992.
Ma Delun noted that until July 2009 the national currencies could only
be used within the bordering regions of Russia and China. Yuans were
used less frequently than rubles. He said that China is ready for
currency swaps if Russia requests.
Ma Delun praised the efficiency of the Russian-Chinese sub-commission
for financial cooperation. The sub-commission is expanding its range
of activities from banking to issues of trading securities. The
Chinese commission for regulation of the securities market is planning
to start sales of foreign shares, including shares of Russian
companies, at the Shanghai and Shenzhen stock markets.
