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September 24, 2016

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Home » Business » Finance

Yuan in Russia

THE People’s Bank of China announced yesterday that it has authorized the Industrial and Commercial Bank of China’s Moscow office to offer yuan clearing services in Russia.

Chinese and Russian central banks signed a memorandum in June on the establishment of a yuan clearing mechanism in Russia to “facilitate the cross-border use of yuan by enterprises and financial institutions from both countries.” ICBC is the largest lender in China, and it is the biggest Chinese bank in Russia.


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