The People's Bank of China to grant preferences to Russian banks that trade yuan in MICEX-RTS

Russian banks which trade the currency pair CNY/RUB in OJSC MICEX-RTS and have correspondent accounts with Chinese banks, will be granted preferential terms for carrying out interbank transactions in China. The decision was made in the course of the twelve meeting of the Russian-Chinese Sub-commission on Cooperation in the Area of Finance.

In particular, JSCB National Clearing Centre and Russian credit organizations that are FX market's participants trading the currency pair CNY/RUB are hereby allowed setting up special-purpose accounts with Chinese commercial banks providing currency exchange services with the yuan. Only yuan bought during the MICEX-RTS trading sessions can be credited to such special-purpose accounts. The accounts can be used for performing transactions denominated in yuan. In addition, Russian banks will be able to transfer money from such accounts to their other accounts in the same bank.

The move will facilitate promoting trading in the currency pair CNY/RUB in MICEX-RTS and simplifying access to yuan clearing services in China for Russian trading members.

List of commercial banks in China authorized to set up special-purpose accounts for performing transactions in yuan for Russian credit organizations

For further information, please contact the Public Relations Department at (495) 363-3232.