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Strategic partnership between Russia and China in the financial sector reaches new level

16 december 2015 года
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China and Russia have launched multilateral cooperation in the financial sector and signed a major interbank agreement.

Vnesheconombank Chairman Vladimir Dmitriev said to CCTV:

“Strategic cooperation between Russia and China in the financial sector is reaching a new level. Increased interaction between the two countries in producing energy resources and metals will have a positive influence on cooperation between the countries in the financial sector”.

Vnesheconombank of Russia is one of the largest institutions in the country. During the past years Vnesheconombank has been cooperating closely with the China Development Bank and the Export-Import Bank of China (the Eximbank of China) in many sectors.

Vladimir Dmitriev: “In the course of the Russian Prime Minister’s formal visit to China Vnesheconombank is to sign two agreements with the Chinese side”.

Vladimir Dmitriev: “We can also see our Chinese partners’ interest in extending credits to Vnesheconombank for it to fund projects in the Far East and the Trans-Baikal region in yuans. By expanding this sort of lending, Chinese companies would be given a chance to enter into capital of enterprises and borrowers of Vnesheconombank that could be of interest for Chinese companies and investments”.

Thanks to cooperation in the financial sector, Russia and China could enhance their cooperation in power engineering, logistics, transport infrastructure construction and gradually strengthen bilateral trade-economic and investment ties.

According to Dmitriev, besides Vnesheconombank, Sberbank of Russia and Bank VTB have entered into an agreement with Chinese financing institutions in the past years on opening a credit line in yuans. For the first time Russia raises credit facilities in China’s national currency to implement its projects thus opening a new stage in the Russian-Chinese financial cooperation.
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