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VTB named top Russian bank for Chinese yuan transactions in 2014

27 January 2015

VTB named top Russian bank  for Chinese yuan transactions in 2014.

VTB has been named as the top Russian bank by volume of yuan-denominated transactions last year and the only Russian bank in the top 100 by the China Foreign Exchange Trade System (CFETS). 

The Bank’s Shanghai branch completed more than RMB 35 billion (RUB 315 billion or about USD 5.6 billion) of transactions in 2014, placing it 70th on the list of all traders, including Chinese banks. VTB dealers have also awarded Distinguished Dealer titles. 

VTB became a market-maker for yuan/ruble trading in Shanghai in November 2010 and a major player on the Chinese market for ruble-denominated transactions. In 2012, CFETS named VTB as the fastest-growing trader, and has ranked it first by number and volume of yuan/ruble transactions for three years. The Shanghai branch completed 2,140 transactions worth a total of 8.6 billion yuan in three years.

«Demand for the ruble is continuing to grow on China’s foreign exchange market.With its own trading platform, infrastructure and a branch on the ground in China, VTB certainly has strong competitive advantages on the Asian market. This means we can meet the needs of both Russian and Chinese clients, and contribute to promoting the ruble as a trading currency in China.».
Mikhail Yakunin,
Head of Subsidiary Companies Department and Senior Vice-President of VTB Bank

For reference:

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 in April 1994, the China Foreign Exchange Trade System (CFETS) is now a division of the People's Bank of China.

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