VTB’s Shanghai branch continues to be one of the leading rouble-yuan market makers on the China Foreign Exchange Trade System and to promote national currencies for Russian-Chinese transactions.
In 2012 the bank’s total value of its rouble-yuan transactions topped that of the other three market makers and had the greatest number of trading days in this currency pair on the China Foreign Exchange. Its transactions totalled 3.88 billion yuans, according to the People's Bank of China.
The bank settles transactions in Russian roubles for clients from Russia, the CIS and China. It also provided 705 million roubles worth of rouble-denominated loans to Chinese financial institutions in 2012 and is working to broaden cooperation with Chinese banks, such as Harbin Bank, which operate in border areas.
“In 2013 the Shanghai branch plans to begin conducting crossborder transactions in Chinese yuans,” says Senior Vice President Mikhail Yakunin, head of VTB’s Financial Subsidiaries Division. “Its ambition is to become the leading rouble clearing and transaction bank for Chinese partners and the main yuan clearing and transaction bank for Russian and CIS clients by 2015”.
VTB’s branch in Shanghai opened in 2008 and remains the only Russian bank with a Chinese banking licence. In November 2010 it was given the status of a rouble-yuan market maker on the China Foreign Exchange Trade System.
Established on 18 April 1994, the China Foreign Exchange Trade System (CFETS) is now a unit of the People's Bank of China. CFETS provides an electronic foreign exchange trading floor, conducts interbank lending operations in yuans, and debentures and derivatives operations.